Two Microcap Firms Allege Scheme To Steal Clients

Law360 (December 2, 2020, 7:12 PM EST) -- Two microcap securities firms in Utah and Arizona alleged in a suit removed to Florida federal court Tuesday that 11 individuals and entities, including two law firms, were involved in a scheme to swipe proprietary information to sabotage the businesses, steal their customers and start competing businesses.

Utah-based Alpine Securities Corp. and Arizona-based Scottsdale Capital Advisors Corp. alleged in a suit originally filed in Florida state court Nov. 6 that the 11 committed misconduct and conspired in their business relationships with the two firms.

Alpine is a registered broker-dealer for clearing over-the-counter stocks and Scottsdale is a brokerage firm that trades...

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