A Financial Industry Regulatory Authority panel says Baird must pay Wells Fargo Advisors over $23 million for alleged “raiding” of staff at a branch office in Wichita, Kansas.
“This is a large award,” said recruiter Jon Henschen, in an interview. “Raiding is brought up when firms feel they are being specifically targeted by competitors,” which appears the case with Baird and Wells Fargo Advisors.
FINRA arbitrators said Friday that Wells Fargo is responsible for nearly $11 million in compensatory damages, some $11 million in punitive damages, and about $1.5 million in costs. It denied Baird’s counterclaim.
In addition, several Baird employees are required to pay the firm the following damages plus interest: Donald Barry, about $543,000; Jill Docking, close to $181,00; Brian Docking, roughly $161,000; and Kevin McWhorter, about $115,000.