JP Morgan Securities LLC has filed a complaint and a request for a Temporary Restraining Order (TRO) and preliminary injunction against former Private Client Advisor Matthew R. Madera in the U.S. District Court for the Northern District of Illinois.

The legal action aims to maintain the status quo while an arbitration proceeding between JPMorgan and Madera, to be filed with FINRA Dispute Resolution, is underway. The dispute stems from Madera’s resignation from JPMorgan on October 6, 2025, and his immediate affiliation with LPL Financial LLC, a competitor.

JP Morgan Seeks TRO Against Former Advisor Over Client Solicitation

At the time of his departure, Madera managed approximately 270 JPMorgan households with total assets under supervision of roughly $127 million, most of which were pre-existing clients or developed with JPMorgan’s support. JPMorgan alleges that Madera, since joining LPL, has actively solicited numerous clients to transfer their accounts to his new firm.

According to the complaint, Madera has repeatedly contacted JPMorgan clients, sometimes via personal cell phones, to induce them to move their accounts. JPMorgan further claims that Madera took confidential client information, including non-public contact details, enabling him to solicit clients immediately after leaving the firm.

The firm reports that around 16 households, with assets totaling approximately $12 million, have already transferred accounts to Madera at LPL. JPMorgan contends that this conduct violates Madera’s contractual obligations, which include non-solicitation and confidentiality agreements, as well as his common-law duties to the firm.

JPMorgan is seeking immediate injunctive relief to prevent further solicitation and use of its proprietary client information pending the resolution of the related arbitration. The firm emphasizes that the legal measures are here to protect its clients’ interests and the integrity of its business operations.

The case highlights ongoing concerns in the financial services industry over employee transitions between competing firms and the safeguarding of confidential client information.

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