Hedge Fund Advisory Sues Over Allegedly Stolen, Destroyed Information

Jan 14 2010 | 3:20pm 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.


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