Newmark claims former broker stole trade secrets, shared them with competitor

Brokerage is seeking to recoup compensation from Steven Sperandio in lawsuit

New York /
Jul.July 19, 2018 06:00 PM

Barry Gosin, 125 Park Avenue, and Steven Sperandio (Credit: Getty, LoopNet, LinkedIn)

A former broker in Newmark Knight Frank’s debt and finance group stole company information on his way out the door and then shared it with a competitor, the brokerage claims in a lawsuit.

Steven Sperandio, who started working at the firm in early 2016, violated the terms of his confidentiality agreement by sending “vast amounts” of highly confidential documents to his personal email address and Dropbox account before he left the company earlier this month, according to a lawsuit Newmark filed Thursday in New York Supreme Court in Manhattan.

Sperandio informed his supervisors on July 9 that he intended to leave the company, and Newmark terminated him on that day.

But the brokerage claims Sperandio stole call logs containing lender contact information and the level of interest financing sources showed on specific transactions — essentially the information that gives the debt and finance group its competitive advantage in the marketplace.

“By reviewing these call logs, a competitor could take advantage of all of this work and unfairly compete with Newmark & Co.,” the firm’s attorneys wrote in court documents.

Newmark believes that Sperandino “has disclosed this information to at least one of the company’s competitors in the debt and equity financing marketplace,” according to its lawsuit.

A representative for Newmark declined to comment and Sperandio could not be immediately reached.

Newmark, which went public in December, is looking to recoup all the compensation and benefits paid to Sperandio “during the period of his disloyalty.”

Newmark’s debt group in just the past two years has grown significantly. The company ranked third last year among the city’s top debt brokerages with $3.46 billion worth of loans brokered in 2017.


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
Real estate stocks push up this week as U.S.-China trade tensions ease
Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Google CEO Sundar Pichai (Getty, iStock)
Google’s hybrid model will allow 20% of employees to work remotely
Google’s hybrid model will allow 20% of employees to work remotely
Illustration of Amazon's Jeff Bezos (Photo illustration by Kevin Rebong for The Real Deal)
No room in the warehouse: Amazon fuels shortage
No room in the warehouse: Amazon fuels shortage
RXR Realty's Scott Rechler with 75 Rockefeller Plaza (Getty, David Shankbone/Wikimedia)
RXR Realty serves American Girl with a lawsuit
RXR Realty serves American Girl with a lawsuit
From left: 909 Third Avenue, 79 Fifth Avenue, 240 West 37th Street and 27 East 62nd Street (VNO, Cercone Exterior Restoration, Google Maps)
These were the largest Manhattan real estate loans in April
These were the largest Manhattan real estate loans in April
SL Green’s director of leasing Steve Durels and One Vanderbilt. (SL Green, One Vanderbilt)
SL Green to offer flex offices at One Vanderbilt
SL Green to offer flex offices at One Vanderbilt
Katie Kurtz and Silverstein Properties chairman Larry Silverstein (Silverstein, Getty)
Silverstein Properties hires Katie Kurtz as new CFO
Silverstein Properties hires Katie Kurtz as new CFO
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...