A lawsuit filed by N9 alleges that Banq’s chair, Jiles, failed to create a non-compete agreement with former Banq CEO Scott Purcell, ultimately leading to Banq’s downfall. Instead, Jiles only put a non-compete agreement in place between Purcell and Prime Trust, a move that N9 claims prioritized Prime Trust’s interests over Banq’s.
The lawsuit further accuses Jiles of leveraging his control over Banq to benefit Prime Trust, resulting in what N9 perceives as misconduct and a breach of fiduciary duty. These allegations have sparked controversy within the industry and raised questions about the ethical practices of financial institutions.
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As the legal battle unfolds, the outcome remains uncertain. However, the case serves as a reminder of the importance of transparency, accountability, and ethical behavior in the financial sector.
