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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.