JPMorgan Claims Ex-Advisor In Fla. Stole Trade Secrets To Poach Clients For LPL

JPMorgan is seeking a temporary restraining order and injunctive relief in federal court against a former advisor, alleging he stole confidential information to solicit the firm’s clients to join him at his new affiliate, LPL Financial. According to the complaint filed in the U.S. District Court for the Southern District of Florida, Kevin J. Sercia of Stuart, Florida, is accused of breach of contract and breach of the duty of loyalty.

The filing states that “Sercia engaged in extensive, highly suspicious computer access of JPMorgan’s systems in the hours before he resigned,” and that he accessed approximately 175 client profiles on JPMorgan’s Advisor Central system after business hours, the majority in rapid succession. Sercia, who had been with JPMorgan since August 2020, resigned abruptly on 3 December. Read more at Financial Advisor. according to Financial Advisor.