Raymond James Accuses 2 Bond Salesmen Of Stealing Firm Secrets and techniques

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Two former Raymond James bond salesmen and the agency they moved to have been sued by Raymond James for allegedly misappropriating proprietary data.


A criticism was filed in U.S. District Courtroom for the Western District of Tennessee by Raymond James Monetary towards Sam Nevels, Tim Curran, and their new employer, Piper Sandler.


Courtroom paperwork allege that Piper Sandler, which is headquartered in Minneapolis and has workplaces in Tennessee, and is a direct competitor of Raymond James within the sale of fixed-income securities to institutional shoppers, started recruiting Curran and Nevels within the first quarter of 2023—after it had already pilfered a number of different Raymond James professionals.


On September 5, Nevels and Curran give up Raymond James to work for Piper.


They’re accused of taking with them a thousand pages of confidential paperwork associated to buying and selling methods, proprietary merchandise, buyer data, and different commerce secrets and techniques. The lawsuit alleges they emailed these paperwork to their private e mail accounts.


In August alone, the lawsuit alleges, Curran printed 72 totally different proprietary paperwork totaling 541 pages, whereas Nevels printed 63 paperwork totaling 422 pages. These paperwork contained the names of dozens of Raymond James shoppers, in response to the submitting.


Nevels is additional accused of deleting the names and e mail addresses of his Raymond James shoppers and changing them with bogus information.


Piper is accused of benefiting from the stolen data and, due to this fact, approving of what Nevels and Curran allegedly did.


When requested to return the stolen paperwork, the defendants demurred, then supplied to return solely a few of them in change for impunity, in response to the lawsuit. No deal was agreed to and, so far, not a single doc has been returned, in response to the submitting.


The plaintiffs—Raymond James and its Morgan Keegan unit—filed the criticism to acquire momentary and preliminary injunctive reduction.


In keeping with Finra’s BrokerCheck, Curran joined Morgan Keegan in 2006, and Nevels adopted a 12 months later. Morgan Keegan was acquired by Raymond James in 2012. Each remained with Raymond James’s fixed-income gross sales division in Tennessee till September of this 12 months.


Particularly, the previous staff are alleged to have dedicated a breach of their employment contract as issues confidentiality, and a breach of loyalty/fiduciary obligation. Piper is charged with inducing these breaches. As well as, all three defendants are charged with misappropriation of commerce secrets and techniques, intentional interference with Raymond James’ relationships with its shoppers and staff, conspiracy, and unfair competitors.


The lawsuit seeks the return of the paperwork and a court docket order stopping the defendants from additional use of Raymond James data.


The dispute can also be being heard earlier than a Finra arbitration panel.


Attorneys for Raymond James, the 2 bond salesmen, and Piper refused to remark.

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