A fledgling San Antonio wealth management firm and its founders are facing accusations that they stole trade secrets from their former employer to solicit and obtain its customers’ business.
A fledgling San Antonio wealth management firm and its founders — two brothers — are facing accusations that they stole trade secrets from their former employer to solicit and obtain its customers’ business. Cadence Bank and its investment advisory unit, Linscomb Wealth , both of Houston, allege in a lawsuit that San Antonio ’s Precedent Wealth Partners and brothers J.
Harold Williams and George Williams “implemented a blitzkrieg strategy to abruptly resign” from Linscomb, start a competing firm and service “the same customers they personally serviced at Linscomb.” The defendants’ “unlawful conduct” resulted in a loss to Linscomb of more than $350 million of assets under management, which the complaint says is believed to have transferred to Precedent. MORE SUITS: Fraud claims mount against San Antonio investment adviser Brooklynn Willy, her firm and others Cadence and Linscomb say the Williams brothers have been “unjustly enriched” through breaches of fiduciary duties and should be ordered to turn over all their financial gains, including salaries, bonuses, incentives and benefit
San Antonio Wealth Management Trade Secrets Lawsuit Cadence Bank Linscomb Wealth Precedent Wealth Partners J. Harold Williams George Williams
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