Raymond James Financial Inc. was ordered by an NYSE arbitration panel to pay Wachovia Securities $6.6 million for improperly recruiting two brokers and a branch manager, according to the exchange and the firms.
Raymond James is considering appealing the decision, according to a company spokesperson.
First Union Securities, which is now Wachovia Securities, claimed that Raymond James improperly hired a manager and two brokers for its Indianapolis office.
"Raymond James is disappointed in the panel's decision, which we believe was clearly inconsistent with the evidence presented,"' the firm said in a statement.
Raymond James says its actions were appropriate and that the employees it hired were not covered by any employment agreement. The firms refuse to identify the brokers and branch manager.
