Kenoyer claimed protections from the Protocol for Dealer Recruiting however had already violated it by pre-soliciting shoppers and taking confidential paperwork and data, the swimsuit contends, saying the advisor violated his agreements with Ameriprise.
In June 2022, Kenoyer acquired the power to service the complete e-book of an Ameriprise advisor who was retiring; this allowed him to service 1,031 new shoppers with practically $134 million in belongings below administration, the grievance contends.
Upon his resignation from Ameriprise, Kenoyer serviced 583 shoppers and over $144 million in AUM, “that means the overwhelming majority of his e-book of enterprise was acquired by way of and is restricted by this inside shopper switch,” the swimsuit alleges.
Along with commerce secrets and techniques misappropriation and unfair competitors, the grievance accuses Kenoyer and LPL of unjust enrichment, conversion and interference with enterprise relationships, and Kenoyer of breaches contract and fiduciary obligation.
LPL had no touch upon the case, a consultant advised ThinkAdvisor by e-mail Tuesday. Kenoyer did not instantly reply to an e-mail searching for remark.
In a separate lawsuit filed in June in U.S. District Courtroom in Michigan, Ameriprise sought a brief restraining order towards LPL, Mitchell McCann and his son Wesley McCann pending a FINRA arbitration.
