GCG Financial Says Ex-Advisers Poached $20M In Accounts

Law360, New York (July 16, 2012, 6:36 PM EDT) -- GCG Financial Inc. sued two of its former investment advisers on Friday in Illinois, accusing them of violating nonsolicitation and nondisclosure agreements by poaching nearly $20 million worth of client asset management accounts after moving to a rival financial services company.

Advisers, Nicholas Wilkins and Ryan Evans left Bannockburn, Ill.-based GCG to join the Chicago office of rival Commonwealth Financial Network in March, breaching their employment contracts “almost immediately” by soliciting GCG asset management account clients, causing GCG to lose in three months accounts responsible for...
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