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

Brokerage is seeking to recoup compensation from Steven Sperandio in lawsuit

TRD 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 Article

arrow_forward_ios

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

Embattled Prodigy Network CEO Rodrigo Niño to step down

Larry Silverstein and the Tel Aviv Stock Exchange (Credit: Getty Images)

Institutional investors swarm Silverstein’s new TASE bonds

Real estate firms get (green) thumbs down as they jump into climate bonds

With Fed rate cut on the mind, markets enter the week riding high

(Illustration by Carl Wiens)

NYC’s foreign investment landscape in the era of trade wars and heightened nationalism

New York Community Bank CEO and president Joseph Ficalora (Credit: Facebook, iStock)

Freed by Dodd-Frank, NYCB is on the hunt for M&A deals

arrow_forward_ios