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Finra Awards Intellivest $900K In Raiding, Poaching Case

Finra has ordered broker-dealer Growth Capital Securities to pay Intellivest Securities more than $900,000. So reports Financial Advisor.

gavel 3576932 640smallThe arbitration case, the second on this matter, involved accusations of employee- and client-poaching. Daniel Kolber, CEO and President of Intellivest contents Growth Capital Securities “raided his employees, misappropriated trade secrets, induced breach of fiduciary duty and duty of loyalty, engaged in unfair competition and unjustly enriched itself, among other claims,” according to the article.

The claims center around the 2018 departures of broker-dealers Shawn Lesser and David Whelchel, who then took reps Nancy Rosensweig and Jyoti Aggarwala with them. This meant Intellivest, which is a small shop, lost all four of its registered reps.

Read the full article from Financial Advisor.

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