Raymond James & Associates Inc. was ordered by an arbitration panel to pay Wells Fargo Advisors LLC $12.1 million in a case involving claims of broker raiding. The decision, issued Feb. 1, involves a 2007 raid of several A.G. Edwards & Sons Inc. branches in Indiana, Illinois and Arkansas, following the May 2007 announcement by Wachovia Securities LLC that it was buying Edwards. Raymond James "considers the award a travesty of justice and not based on the facts presented at the hearing," said Anthea Penrose, a spokeswoman for Raymond James, in a statement. The panel failed to consider the "unique circumstances surrounding Wachovia's acquisition of A.G. Edwards and the resulting desire of the A.G. Edwards' advisers to seek employment elsewhere," she said. The firm said it was reviewing the decision to determine its next course of action. The brokers and branches involved had $5.94 million in annual revenue with assets of $853 million, Ms. Penrose said.