California Based RIA Sues Its Former Broker and Ameriprise for Alleged Theft

Posted on February 17th, 2015 at 10:42 AM

A California registered investment advisor firm, Hanson McClain Advisors, is suing its former broker, Thomas Chandler, and Ameriprise Financial Services Inc. for allegedly stealing information and using it to illegally solicit clients.

Chandler had worked at Hanson McClain from January, 2008 to August, 2014. After Chandler resigned from Hanson McClain, he started working at Ameriprise Financial Services, Inc. 

According to the lawsuit, the conspiracy allegedly started in July 2014.  Chandler and Ameriprise conspired to take Hanson McClain clients’ names, account numbers and values, e-mail addresses, telephone numbers and other data from the secured computer network of the RIA.

The information was used by Ameriprise to unfairly compete with Hanson McClain. Also, the suit claims Chandler and Ameriprise destroyed evidence to cover up the theft of information. 

Related Attorneys: James J. Eccleston

Tags: Ameriprise Financial Services Inc., Hanson McClain, Thomas Chandler, illegal solicitation, investment advisor firm

Return to Archive

TESTIMONIALS

Previous
Next

Thank you for your professional assistance with this matter. You are very good at what you do.

John T.

LATEST NEWS AND ARTICLES

October 20, 2021
5 First-of-Their-Kind SEC Enforcement Actions Announced

Securities and Exchange Commission (SEC) Enforcement Director Gurbir Grewal recently discussed notable first-of-their-kind enforcement actions that his division has pursued.

October 19, 2021
FINRA Targets SPACs in Most Recent Exam Sweep

The Financial Industry Regulatory Authority (FINRA) has begun an examination sweep of advisors’ involvement with special purpose acquisition companies (SPACs).

October 18, 2021
SEC’s Statement on Complex Exchange-Traded Products

The Securities and Exchange Commission (SEC) recently voted to approve a pair of rule changes proposed by Cboe BZX Exchange, Inc. to list and trade shares of new exchange traded-products: the 2x Long VIX Futures ETC and the -1x Short VIX Futures ETF.