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Ed Jones Granted Restraining Order Against Rep Who Quit, Set Up Shop Next Door

Russell Ryon Riggan, who managed $500 million for Edward Jones in Texas, resigned without notice after 15 years with the firm, locked the office’s staff out, and then set up shop next door as a broker for Raymond James. So reports Financial Advisor.

Edward Jones“Not only did the defendant resign without notice and immediately begin working for a competitor, Raymond James, he also physically locked out Edward Jones from the office space… Unbelievably, Riggan erected a modular building, now being used as his new Raymond James office, abutting the Edward Jones office at issue,” according to the complaint.

Edward Jones says Riggan took the furniture and prevented staff from accessing computer equipment containing client information. Edward Jones sought, and was granted, a temporary restraining order against Riggan.

Further, Edward Jones says Riggan began poaching clients while still working for Edward Jones, promising they could save 10% on fee-based accounts, according to the complaint. These allegations would put him in breach of his employment contract with Edward Jones.

Riggan says client documents remained in the Edward Jones office and that it was the company, and not him, who changed the locks.

Read the full article from Financial Advisor.

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