Atlanta-based broker-dealer Triad Advisors and its $1.7 AUM RIA subsidiary, the Atlanta Capital Group (ACG), are involved in a legal tit-for-tat over the latter’s desire to break away and form its own broker-dealer.
In October 2016, Triad filed a claim with Finra arbitrators arguing that ACG’s attempts to break away broke a restrictive covenant that bound ACG to Triad for a certain number of years and prevented them from working with third-party broker-dealers.
“As a matter of policy, we do not publicly discuss ongoing legal matters,” said Joseph Kuo, a spokesperson for Triad Advisors, in an e-mailed statement. Triad declined to answer questions or issue further statements on the matter.
Triad’s claim identifies ACG principals David Millican, Jeffrey Shaver and Joseph Young as defendants.