Wells Fargo, Morgan Stanley, Bank of America and J.P. Morgan Chase were among the dissenters, people familiar with the matter said.

Eleven executives were tapped this year to lead wealth management and related investment services groups at Key Private Bank, Regions Bank, U.S. Bank, Wells Fargo Private and Wilmington Trust. Find out who they are and what their new roles entail.

The firm is accused of negligence, breach of contract and other misconduct, according to a copy of the award.

Also, J.P. Morgan saw a team managing $300 million in client assets go independent.

Three industry veterans – one with more than four decades of experience – oversaw more than $205 million in client assets, according to Raymond James.

The broker allegedly talked clients into investing $115,000 in a technology startup where his friend worked as a computer programmer.

Yet that wasn't Merrill's only recruiting success, as the wirehouse also picked up a team overseeing more than $500 million in client assets.

The recruits moved to the firm from Morgan Stanley, Wells Fargo, Stifel and Voya.

Funds built with these tax-advantaged bonds resulted in strong returns in recent years – and even no fees in a few cases.

An arbitration panel ruled in UBS' favor, after the wirehouse alleged that a former adviser stole client data before moving to Wells Fargo.

Information is flying at clients from TV and the Internet, and it's just too much, says Wells Fargo adviser Matt Fryar.

The former rep allegedly stole $1,380 from a customer's bank account by issuing and then using a debit card without the customer's knowledge.

Earnings have been soft for the industry's biggest brokerages, but lending has helped bolster performance.