FFR seeks to stop former employee from selling gold coins

By David Yates | Dec 6, 2012

First Fidelity Reserve is seeking an injunction against former employee Derek Phillips, who is allegedly using the company’s trade secrets for his own gain.

The petition and application for temporary restraining order was filed Nov. 28 in Jefferson County District Court.

According to the petition, FFR, a gold and sliver coin seller, executed an employment agreement with Phillips on May 14, where in he agreed to that during his employment and 36 months after his employment he would not compete with the company.

On Oct. 18, FFR fired Phillips for allegedly conducting coin transactions for his own benefit and in competition with FFR.

“Contrary to his agreements with FFR, Phillips has taken this knowledge and experience with FFR and used it for personal gain,” the petition states.

“Phillips has contacted FFR’s employees soliciting them to provide him confidential customer information and offering FFR’s employees positions with Phillips’ new enterprise.”

FFR is seeking injunctive relief against Phillips.

The company is represented by Bruce Partain, attorney for the Beaumont law firm Wells, Peyton, Greenberg & Hunt.

Judge Donald Floyd, 172nd District Court, is assigned to the case.

Case No. E193-642

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