Fidelity sues broker who left for RIA firm

Fidelity Brokerage Services has filed suit against Benjamin Linser, a former broker in the firm's Covington, Ky., call center, charging that he took proprietary and confidential information when he left to join a registered investment advisory firm. Fidelity has asked a federal court in Cincinnati, Ohio, to enjoin Mr. Linser from soliciting Fidelity customers at his new firm and to direct him to take part in an expedited arbitration panel conducted by the Financial Industry Regulatory Authority Inc. In its complaint, Fidelity charges that Mr. Linser's "conduct threatens approximately 350 households, representing approximately $190 million in client assets under Fidelity management." It also charges Mr. Linser with breaching his employee agreement with the firm.