Raymond James, Rep to Pay $20M Over Recruiting 'Raid' on Wells Fargo Office

The team joined Raymond James in late 2018 with six advisors — Rhoades, Jan Schmeski, Mike Stockton, Steve Bettenhausen, David Matty and Logan Stone — six other staff members and some $560 million in assets, they announced at the time.

Wells Fargo Advisors claimed “unfair competition, breach of contract, breach of fiduciary duty, aiding and abetting breach of fiduciary duty, conspiracy, tortious interference with actual and prospective business advantage and/or relationship, tortious interference with contractual relations” as well as violations of FINRA rules and unjust enrichment.

Wells Fargo Advisors said in a statement that it was “pleased with the outcome and appreciates the arbitration panel’s recognition of the damages caused by this conduct.”

Initial claims against Bettenhausen, Matty, Schmeski, Stockton and Stone were withdrawn Aug. 16, 2022, according to the award. Bettenhausen and Matty are no longer registered as brokers or investment advisers, according to FINRA’s BrokerCheck.