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Citi Sues Former Employee For Client Scam

Law360 (November 14, 2008, 12:00 AM EST) -- Citigroup Global Markets Inc. has accused a former employee of deceiving customers into switching their mutual fund accounts over to Merrill Lynch.

Citi filed a complaint on Thursday in the U.S. District Court of Eastern Michigan, alleging that former financial adviser Derek Ashcraft had sent misleading letters to clients in an attempt to switch their mutual funds from Citi subsidiary Smith Barney to his current employer, Merrill Lynch.

The complaint alleges that after Ashcraft quit Smith Barney in August 2008, he used “confidential Smith Barney information”...
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