That Thursday, Savoy left his Euro Pacific office without indicating he was quitting, the federal and Finra complaints cited colleagues as saying. The next day at 2 p.m., he sent his one-line e-mail to Schiff. "Please see attached document,” it read. It was his resignation letter.
By then, Savoy’s new Saddle Brook office was allegedly filled with account-transfer packages. Each included a letter signed by O’Dell, which was prepared while Savoy was still a Euro Pacific employee, the firm told Finra. Over the next three days, it said, Savoy solicited his old clients “on a mass scale.”
Tabbed And Highlighted
It wasn’t until the Tuesday morning that Euro Pacific learned Savoy was gone, according to e-mails filed with Finra. By then, Euro Pacific said in a letter to Oppenheimer, “possibly over a hundred” customers had already received calls, e-mails or FedEx packages with the signature-ready transfer forms.
Savoy and Oppenheimer misappropriated trade secrets, conspired to breach Savoy’s confidentiality pacts and slandered Euro Pacific, the firm alleged in its Connecticut request for a restraining order, to which Oppenheimer consented.
Oppenheimer, in its Finra response, said it never possessed the Euro Pacific data.
Oppenheimer terminated Savoy early June 22, without his lump payout. The next month, Euro Pacific dropped Savoy as a target of its suit.
Now, Savoy is selecting an attorney, said the person close to him, as he battles Oppenheimer’s allegation that he lied about the terms of his Euro Pacific employment and duped Oppenheimer into hiring him. Oppenheimer told Finra it wants Savoy to foot the bill for any financial damages it may suffer.
The case is scheduled to go before Finra arbitrators in late November.
Source Says Broker Ended Up A Pawn Between Warring Firms
September 16, 2015
« Previous Article
| Next Article »
Login in order to post a comment
Comments
-
I hope FINRA crushes Oppenheimer with a huge fine. Alas, FINRA has no guts or integrity. The Financial Advisor and investment advice community has no room for ethics..............it's all about fees for the brokers and their firms with zero concern for the public consumer. You want proof: how many FAs moved their clients to MoneyMarket in 2008 AFTER their clients asked them to get their money out of the market? I'll bet less than 10%. Why not? No trails in Money Market. Fiduciary obligation and suitability are FINRA-approved words tossed around to fool clients that FAs always act in their best interests. This article proves once more it's about the fees and the bonus. If I was a EuroPacific client I would sue Savoy and Oppenheimer for Identity Theft.