Fidelity seeks injunction against rep who oversaw $2.7 billion

Fidelity Brokerage Services has asked a U.S. District Court in Connecticut for an injunction against a former broker, Laurence Rollins, for allegedly taking confidential information, including client names and addresses, with him when he left the Greenwich, Conn., office of Fidelity. According to the complaint, Mr. Rollins' conduct is threating more than 306 Fidelity high net-worth customer relationships involving over $2.7 billion in assets, or an average of over $8.8 million per household. He resigned from his position with Fidelity to accept a position at the new Westport, Conn., office of Brenton Point Wealth Advisors, an RIA firm with offices in New York City and Madison, Conn. Fidelity said it is asking for injunctive relief as a necessary first so that it can pursue an arbitration through the Financial Industry Regulatory Authority Inc., which requires a court injunction before an arbitration can begin. The potential loss to Fidelity from Mr. Rollins' departure exceeds $75,000, exclusive of interest and costs, the complaint states. Mr. Rollins worked at Fidelity for 14 years.