JPMorgan Sues Ex-Advisor for Moving Clients to Wells Fargo

At the time he left JPMorgan, the advisor serviced approximately 300 JPMorgan households, “virtually all of which were either pre-existing JPMorgan clients at the time they were assigned to [Gomez], or were developed by [Gomez] at JPMorgan,” the suit states.

The clients whom JPMorgan had assigned to Gomez to service had a total of approximately $110 million in total assets under management.

Gomez now seeks to “improperly induce” such JPMorgan clients to follow him to Wells Fargo, in violation of his employment agreement, the suit states.

JPMorgan said Gomez is soliciting JPMorgan clients via phone calls, including calls to clients on their personal cell phones.

“The clients have informed JPMorgan that Defendant’s communications have been more than simply announcing his change of employment, and that he is actively seeking to induce them to do business with him at Wells Fargo,” the suit states.

At least 10 JPMorgan clients have informed the firm that they have received one or more phone calls from Gomez “seeking to set up a meeting with the client to discuss doing business with him at Wells Fargo or outright asking the clients to transfer their business from JPMorgan to him at Wells Fargo,” according to the suit.

One JPMorgan client informed JPMorgan that Gomez “had called him five or six times asking the client to move with him to Wells Fargo. Another JPMorgan client complained that it was annoying that [Gomez] was repeatedly calling him.”

Another client, the suit states, “informed JPMorgan that Gomez told the client that she should move to Wells Fargo because Gomez’s ‘hands are tied’ at JPMorgan when it came to providing investment solutions to clients.”