Hedge Fund Advisory Sues Over Allegedly Stolen, Destroyed Information

Jan 14 2010 | 4:20pm ET

Hedge fund advisory Aksia has sued a pair of former employees accused of stealing proprietary information on their way out the door.

According to New York-based Aksia, Sarah Cole and Corissa Mastropieri downloaded some 2.5 gigabytes of Aksia’s information in advance of their departure for rival Albourne Partners. The two also “maliciously tampered” with Aksia’s records, deleting almost 7,000 e-mails related to new business development, according to the lawsuit, filed today in New York state court.

“Cole and Mastropieri conspired together to purloin a large volume of Aksia’s highly confidential and proprietary research reports, research templates, investment data and investment methodology,” the firm alleges. The thefts were part of a “plan to leave Aksia and join a competitor to unfairly compete at their new employer, to solicit clients and to harm Aksia’s business.”

The suit names only Cole and Mastropieri; Albourne has not been accused of any wrongdoing and a spokesman for the firm declined to comment on the complaint. Aksia also alleges that the pair gave some confidential information to Albourne before they switched jobs.

Cole and Mastropieri worked at Aksia from early 2007 until December. Aksia said the two began stealing the information in November.

Aksia is seeking return of their property, an injunction against Cole and Mastropieri and damages.


In Depth

Q&A: Sancus Capital And The Disruption Of The CLO Market

Oct 5 2017 | 6:28pm ET

Traditional collateralized loan obligation (CLO) funds in the U.S. market can offer...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Finding Success as Alternatives Converge

Oct 9 2017 | 4:00pm ET

Rising interest among institutional investors over the past several years has led...

 

From the current issue of