business

Sobel & Co. Sued by Ex-Seaport Co-Head Over Contract

Sobel & Co. was sued by Drew Doscher, former co-head of sales and trading at Seaport Group LLC, over claims the accounting and consulting firm worked with others at Seaport to cheat him out of equity at the firm.

Doscher, the former head of distressed debt at UBS AG and Barclays Plc, said in his complaint in Manhattan federal court that he was fired from Seaport after a dispute over alleged front running and it was never disclosed to him that his equity account “would evaporate upon his termination.” Doscher filed an arbitration claim with the Financial Industry Regulatory Authority seeking $15.5 million in unpaid compensation, according to the complaint.

Sobel was retained by Doscher in 2012 to review financial information and tax reporting of Sea Port Group Securities LLC, the brokerage division of Seaport Group, lawyers for Doscher said in the complaint.

Doscher alleges securities fraud and breach of contract and seeks unspecified damages, according to his complaint.

His lawyer, A. Todd Merolla, and Sally Glick, Sobel’s chief marketing officer, didn’t immediately respond to voice-mail or e-mail messages after regular business hours seeking comment on the lawsuit.

The case is Doscher v Sobel & Co., 14-00646, U.S. District Court, Southern District of New York (Manhattan).

(Updates with details of complaint in second paragraph.)
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