When Alesia joined JPMorgan in 2007, he had no brokerage experience and no clients, the bank said. Alesia had about 30 clients by the time he left, according to the bank.
Substantial Investment
"JPMorgan has invested substantial time and money, totaling millions of dollars, to acquire, develop and maintain its customers over many years," the bank said. If not for his previous job, Alesia "would not have had any contact with any clients the firm assigned to him."
A customer who was not named in the petition forwarded the bank unsolicited e-mails she received from Alesia, including the Dec. 8 message describing fees and a Dec. 18 Bloomberg News article describing its more than $300 million settlement with federal regulators over whether it adequately disclosed conflicts of interest.
The largest U.S. bank by assets failed to tell customers that it reaped profits by putting their money into mutual funds and hedge funds that generated fees for the company, the Securities and Exchange Commission said. The bank also settled a parallel action by the Commodity Futures Trading Commission.
"I thought you might find this of interest," Alesia wrote in the e-mail to the customer, according to the petition. "Such a scare tactic is clearly designed to interfere with JPMorgan’s relationship with its client," JPMorgan said.
The bank is seeking sanctions against Alesia and costs of bringing the suit.