Wednesday, October 24, 2007, 10/24/2007 06:58:00 AM

Accusations of Stealing Hedge Fund Secrets

From Hedgefund.net, investment bank Piper Jaffray has sued four former employees who went on to form their Vermilion Capital Management, another hedge fund.

Piper claims that the four stole trade secrets about the company’s technical research products.

According to the story, the suit names David Nicoski, Joseph Jasper, Shelly Moen and Scott McClure, all of whom worked for Piper for years before forming Vermilion in 2005. The firm started its first fund in August of that year with $5 million in partner capital.

Vermilion denies any wrongdoing and claims the four former employees have been cooperating with Piper to assure them they are not using any of the company’s trade secrets.

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