A Chicago investment bank is suing several former employees, alleging they violated their employee agreements by joining a competing firm and using proprietary information.
Madison Street Capital Advisors, an international investment firm, filed a lawsuit Oct. 27 in Cook County Circuit Court against Auctus Capital Inc., Muhammad Azfar, Mazhar Pawar, Thomas R. Wysocki, Tom Collins, Randy White, Zachary J. Kronon and Cameron Loughery.
According to the complaint, Azfar and Pawar, both Cook County residents, solicited the other defendants to join their competing firm, Auctus Capital Partners Inc., in July and August 2015. The suit says the defendants broke their employee contracts with Madison by using not only its models for company appraisals, financing and acquisitions, but also its customer lists to develop business for Auctus.
Madison seeks a ruling that Auctus committed fraud, injunctive relief preventing further fraud, surrender of profits gained through the alleged deception, as well as punitive and compensatory damages. It is represented by attorneys James E. Dahl and Christopher J. Miller of Dahl & Bonadies of Chicago.
Cook County Circuit Court case number 2015-CH-15834.