JPMorgan sues ex-advisor, claims he moved $12M in client assets to LPL

JPMorgan is battling a former advisor in federal court, claiming he improperly took $12 million in client assets to LPL Financial.

The firm filed suit against Matthew R. Madera in the U.S. District Court for the Northern District of Illinois on November 4, alleging he violated non-solicitation and confidentiality agreements after leaving his position as a Private Client Advisor in Bolingbrook, Illinois.

Madera resigned from JPMorgan on October 6 and immediately joined LPL Financial, the nation's largest independent broker-dealer with $1.8 trillion in brokerage and advisory assets and more than 29,500 financial advisors as of June 2025, according to the filing.

JPMorgan alleges approximately 16 households representing about $12 million in assets have already moved to Madera at LPL. When he left, Madera serviced roughly 270 households with approximately $127 million in total assets under supervision.

The firm claims Madera launched a campaign to contact clients, calling them on their personal cell phones to discuss LPL's services and make negative remarks about his former employer.

One client said Madera called to announce his departure, told them they could continue doing business at his new firm, and offered to meet to discuss working with him at LPL. That client moved assets to Madera at LPL.

Another client reported receiving four calls from Madera over approximately two weeks, with multiple voicemails. The client said Madera "keeps calling." When they spoke, Madera allegedly said he has more resources at LPL, asked if the client "would like to come over," and made negative statements about JPMorgan, saying it is "very limited" and has experienced "a lot of turnover." The client said they were annoyed by Madera's constant calling about LPL.

A married couple told JPMorgan that Madera said he can offer them more options, products and benefits, and has more resources at LPL. They also said Madera told them there are at least ten former JPMorgan advisors at his new firm. They said they felt obligated to meet with him and that he asked for their business at the meeting. They've since transferred some of their assets to Madera at LPL.

In another instance, a client with an existing LPL account mentioned their LPL advisor was retiring. Madera allegedly told the client he could take over the LPL account, stressed the benefits of having all assets and accounts at one firm, and said his new firm has a deeper financial planning structure than he could offer at JPMorgan. That client transferred their JPMorgan assets to Madera at LPL.

JPMorgan alleges Madera took confidential client information to LPL, including contact information such as cell phone numbers, which are generally not publicly available. The filing argues that without this information, he would have been unable to call and solicit JPMorgan clients so quickly after his resignation.

The vast majority of Madera's clients were pre-existing JPMorgan clients reassigned to him, long-term Chase Bank clients referred to him, or were developed by JPMorgan when they were assigned to Madera, the filing states. More than half had been with JPMorgan or its affiliates or predecessors for at least 20 years, and about 30% for at least 30 years. When Madera became a Private Client Advisor, JPMorgan assigned him clients and client assets totaling approximately $40 million.

In November 2017, Madera signed a non-solicitation agreement barring him from soliciting JPMorgan clients for twelve months after his employment ended and requiring him to maintain the confidentiality of the firm's business and client information.

The agreement prohibits him for twelve months after employment ends from "directly or indirectly" soliciting, inducing to leave, or initiating contact with "any then current customers, clients, or other persons or entities that were serviced by you or whose names became known to you by virtue of your employment with JPMC."

JPMorgan is seeking a temporary restraining order and preliminary injunction to stop Madera from soliciting clients and using confidential information while it pursues arbitration through FINRA. The firm said it is concurrently filing an arbitration proceeding with FINRA Dispute Resolution.

The suit alleges breach of contract, breach of fiduciary duty, breach of duty of loyalty, interference with business relationships, conversion, and unfair competition.

Madera now works as a registered representative at LPL's Downers Grove, Illinois office. The case is numbered 1:25-cv-13522. No court decision has been made, and no response from Madera or LPL has been filed.