Article in Financial Advisor covers award in IMcP-led FINRA arbitration: “FINRA Panel Offers Insight Into Alleged JPMorgan U5 Tactics”

Financial Advisor magazine profiled a recent FINRA arbitration award, in which IMcP represented advisor Joshua Biering against JPMorgan in a Form U5 dispute. The article highlights the panel’s decision to grant complete expungement of an improperly marked U5 filed by JPMorgan.

In the award, the arbitrators directed that Mr. Biering’s U5 be amended to (a) reflect a voluntary resignation and (b) remove additional, adverse language originally inserted by JPMorgan. The panel went further, finding that “one of the primary reasons for the timing of the filing of the U-5 was to hinder [Mr. Biering]’s ability to transfer his book of business to a competitor of” JPMorgan. The arbitrators also expressed “concerns” about what they viewed as “a pattern of conduct” at JPMorgan: investigating supposed reasons to terminate advisors after resignation to make moving to a competitor more difficult.

Joshua Iacuone served as lead counsel in FINRA case number 24-01208, working closely with IMcP partners Greg McAllister and Anna Richardson. Readers can view the coverage in Financial Advisor below.

Finra Panel Offers Insight Into Alleged JPMorgan U5 Tactics