Bad Move – Being Part of a Raid
Financial Advisor Knewt Freeman couldn’t believe it when the Sheriff walked in. He, his new firm and two of his best friends that had come with him, were restrained without notice from soliciting the clients they had served for years. Worse, they and their new firm, ABC Independent, had been sued for $10 million dollars. Knewt’s career was dead!
Good advice is the best way to avoid a bad move.
Just moments before things had been going so smoothly. Knewt had resigned last Friday and spent the weekend contacting his clients and helping them move to ABC Independent. Better still, Knewt, whose production had been 29% of his branch at Old Bank, had convinced his two best friends, Jan and Jane, to move over. They knew that this might hurt their old branch because they accounted for over 45% of the production of the branch, but that was the business risk that Old Bank took when it underpaid them. They all slept well during their transition, because they had complied with the Protocol, and both Old Bank and ABC are Protocol members. They were safe and off to a great start. How then could Old Bank be suing them for $10 million and a restraining order? The Complaint said something about “Raiding.” They thought they’d better call a lawyer. They talked about it amongst themselves. Jan and Jane knew a lawyer that defended Raiding Cases. Knewt knew a lawyer that prosecuted Raiding Cases.
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