Esposito Securities, LLC Awarded Over $1.4 Million From WFG Investments, Inc. by FINRA

DALLAS, June 28, 2011 /PRNewswire/ -- A FINRA Arbitration Panel awarded Esposito Securities over $1.4 million in damages and attorney fees, along with pre-judgment interest dating back to October of 2009.  The Arbitration Complaint alleged that WFG Investments, Inc. had recruited Esposito employees in violation of a contract between Esposito and WFG, entered into while Esposito was an independent broker for WFG, and induced Esposito employees to breach their contracts with Esposito.  The claims asserted included breach of contract, raiding and tortious interference.

Mark Esposito, President of Esposito Securities said:  "We are very happy that the FINRA arbitration process concluded in our favor and that we can move forward and put this matter behind us. We are gratified that our efforts to protect the firm and its clients were successful."  Lackey Hershman partner Deborah Deitsch-Perez, counsel for Esposito, praised the Arbitration panel, noting that: "The Arbitrators worked through days of testimony, and a mountain of emails and other evidence to reach a fair and just resolution."  Esposito added: "In today's business climate, it is necessary to be vigilant to protect your intellectual capital" and that "The Panel's award against WFG sends a clear message that raiding will not be tolerated."

FINRA case number 09-06133 was filed in October 23, 2009.  The Award is required to be paid in full within 30 days of the ruling.

SOURCE Esposito Securities, LLC