MMWKM Advisors, LLC, Series ERD I, LLC, and Elias R. Dragon vs. Philip Floyd

In August 2022, a Collin County judge affirmed a $1.4 million arbitration award against a former employee who breached his contractual and fiduciary obligations to MMWKM Advisors, which does business as Retirement Planners of America (RPOA), a Plano-based investment advisory firm.

Arbitrator Anne Ashby, a retired Dallas County judge, found that Philip Floyd had “solicited another MMWKM employee, Joseph Dowdall, to work with him on a scheme to use the information and client relationships they had received access to from [RPOA] to serve their own financial interests.”

Mr. Floyd in 2019 signed an Investment Adviser Representative Agreement in which he agreed that for three years after leaving the company that trained him and provided him with clients, he would not use the company’s confidential information, and that if he accepted the business of any of his former employer’s clients he would purchase the client relationships at a contractually agreed price.

AZA Lawyers: Ryan Hackney

Case Type: Arbitration