Citizens Securities Inc. alleges former employee is soliciting clients

By Louie Torres | Dec 28, 2017

READING – A Massachusetts registered broker-dealer alleges that a Philadelphia man left it to work for a competitor and is unlawfully soliciting clients.

READING – A Massachusetts registered broker-dealer alleges that a Philadelphia man left it to work for a competitor and is unlawfully soliciting clients.

Citizens Securities Inc. filed a complaint on Dec. 18 in the U.S. District Court for the Eastern District of Pennsylvania against Kevin Newmuis alleging breach of contract and other counts.

According to the complaint, the plaintiff hired the defendant as a financial consultant in June 2013 and he entered into an employment agreement as a condition of his employment. The suit states he resigned Nov. 17 and registered with competitor Wells Fargo Clearing Services the same day he resigned from employment with the plaintiff.

The plaintiff holds Newmuis responsible because the defendant allegedly solicited plaintiff's clients using misappropriated trade secrets from it in breach of his employment agreement.

The plaintiff seeks an injunction against the defendant from contacting or soliciting business from plaintiff's clients, order the defendant to pay all court costs and any further relief the court grants. It is represented by Robert J. Cosgrove of Wade Clark Mulcahy LLP in Philadelphia and Geoffrey W. Millsom and Brenna A. Force of Adler Pollock & Sheehan P.C. in Providence, Rhode Island.

U.S. District Court for the Eastern District of Pennsylvania case number 2:17-cv-05646-LS

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