“Within the weeks and months following his departure, Schwab found the scope and extent of the misconduct Ortega dedicated, each throughout and after his employment,” the grievance states. “A overview of Ortega’s pc actions within the weeks main as much as his departure from Schwab, together with eyewitness testimony, strongly recommend that Ortega deliberately and maliciously misappropriated confidential and commerce secret shopper info.”
Particularly, the lawsuit suggests Ortega reviewed almost 1,700 client-overview screens in a proprietary Schwab database in early Might — together with after regular enterprise hours. Ortega allegedly repeated this sample of exercise over the following few weeks.
“Furthermore, a number of stories from Schwab’s shoppers point out that Ortega has used, and is presently utilizing, Schwab’s misappropriated commerce secrets and techniques in furtherance of wrongful solicitation of its shoppers,” the complain states.
The lawsuit argues Schwab and Ortega are obligated to arbitrate the deserves of this dispute in line with the arbitration guidelines and rules of FINRA. Accordingly, concurrently with the submitting of its courtroom motion, Schwab has additionally filed a press release of declare with FINRA Dispute Decision searching for binding arbitration of the dispute pursuant to FINRA Rule 13804.