Alaron Accuses Clearing Firm CEO Of Poaching Customers

Law360, New York (July 24, 2012, 6:37 PM EDT) -- Futures commission merchant Alaron Trading Corp. launched a fraudulent representation and breach of contract suit in Illinois state court Monday, seeking up to $58 million from a clearing firm's CEO who allegedly poached Alaron's affiliated customers.

The broker sued Christopher Hehmeyer, who was CEO of a subsidiary of Penson Worldwide. Alaron says it began communicating with Hehmeyer after it lost $3 million when fellow futures commission merchant Sentinel Management Co. filed for bankruptcy in 2007.

Alaron initially entered into a trading agreement with Hehmeyer's company Penson...
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