John Thomas Claims Ex-Employees Stole Data, Clients

Law360, New York (January 8, 2013, 7:37 PM EST) -- New York brokerage firm John Thomas Financial Inc. on Monday filed a lawsuit claiming five former employees who abruptly left the company last month for rival National Securities Corp. have been using stolen proprietary information to lure away its customers, costing the company more than $10 million.

The five brokers resigned “en masse” Dec. 21 and took with them at least three client books that contain information pertaining to customers' financial plans, trading history and annual income, JTF claims. The brokers have been using the information...
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