Raymond James Fined $12.1M For Employee Poaching

Law360, New York (February 3, 2010, 5:33 PM EST) -- Raymond James Financial Inc. announced Wednesday that it was fined $12.12 million by the Financial Industry Regulatory Authority after a subsidiary was found liable for illegally luring employees from A.G. Edwards & Sons Inc. following the rival's buyout by Wachovia Securities.

The Jan. 29 judgment handed down by FINRA arbitrators resolved claims that Raymond James & Associates Inc. wrongfully nabbed four financial advisers from A.G. Edwards as part of an alleged conspiracy to steal the branch assets of Wachovia and set up competing offices.

FINRA ordered...
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