Raymond James asks court to void $12 million award

* Initial case was lost due to "fraud of Wells Fargo"

* Suit alleges Wells Fargo withheld key documents

By Joe Rauch

CHARLOTTE, N.C., March 3 (Reuters) - Raymond James Financial Inc (RJF.N) appealed to a U.S. federal court seeking to have a recent $12 million penalty voided and an arbitration panel's decision overturned, alleging Wells Fargo Advisers LLC committed fraud.

"This excessive arbitration award was procured through the fraud of Wells Fargo Advisers," Raymond James said in its court filing on Feb. 24.

A Financial Industry Regulatory Authority, or FINRA, arbitration panel found on Feb. 1 that Raymond James brokerage had raided employees from four A.G. Edwards offices soon after it was bought by Wachovia Corp in 2007 for $ 6.8 billion.

Well Fargo (WFC.N) subsequently bought Wachovia for $15 billion and continued the arbitration process.

According to Raymond James, Wells Fargo withheld documents that it should have provided and that would have exonerated the St. Petersburg, Florida brokerage.

The FINRA panel ordered Raymond James to pay Wells Fargo Advisers $10.5 million in compensatory damages, and cover $1.5 million in legal fees.

Raymond James was forced to restate its fiscal first quarter earnings, taking an additional $10 million charge as a result of the ruling.

Raymond James President and incoming Chief Executive Paul Reilly declined to comment on the company's motion to dismiss the arbitration panel's award during an interview with Reuters on Tuesday, but said the initial ruling was "very, very surprising."

"We don't think our behavior deserved that finding, and we do not agree with the finding or the amount," Reilly said.

Wells Fargo has not responded to Raymond James' motion and a company spokesman declined to comment.

The case is: Raymond James & Associates Inc v Wells Fargo Advisers LLC, No 10-00512, in the U.S. District Court of the Middle District of Florida. (Reporting by Joe Rauch, editing by Leslie Gevirtz)