GUNPOWDER CAPITAL MANAGEMENT, LLC v. DARPEL, III

CourtDistrict Court, M.D. North Carolina
DecidedSeptember 22, 2025
Docket1:24-cv-00914
StatusUnknown

This text of GUNPOWDER CAPITAL MANAGEMENT, LLC v. DARPEL, III (GUNPOWDER CAPITAL MANAGEMENT, LLC v. DARPEL, III) is published on Counsel Stack Legal Research, covering District Court, M.D. North Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
GUNPOWDER CAPITAL MANAGEMENT, LLC v. DARPEL, III, (M.D.N.C. 2025).

Opinion

IN THE UNITED STATES DISTRICT COURT FOR THE MIDDLE DISTRICT OF NORTH CAROLINA

GUNPOWDER CAPITAL MANAGEMENT, ) LLC d/b/a OLIVER WEALTH ) MANAGEMENT, ) ) Plaintiff, ) ) v. ) 1: 24-cv-914 ) JOSEPH F. DARPEL, III and ) SMART STEPS WEALTH MANAGEMENT, ) LLC, ) ) Defendants. )

MEMORANDUM OPINION AND ORDER OSTEEN, JR., District Judge Before this court is Defendants’ Motion to Stay. (Doc. 16.) Defendants have filed a memorandum in support of its motion, (Doc. 17), Plaintiff has responded, (Doc. 26), and Defendants have replied, (Doc. 33). For the reasons stated herein, Defendants’ motion will be granted. I. FACTUAL BACKGROUND A summary of the key facts is set forth below, and additional facts will be addressed as necessary within this opinion. This case presents a dispute between Plaintiff Gunpowder Capital Management LLC d/b/a “Oliver Wealth Management” (“OWM”) and Defendants Joseph F. Darpel, III (“Darpel”) and Smart Steps Wealth Management, LLC (“Smart Steps.”) Plaintiff alleges that Defendant Darpel breached his employment agreement by “soliciting OWM’s clients to take their business away from OWM and to Darpel’s new, competing company.” (Compl. (Doc. 1) ¶ 3.) Additionally, Plaintiff contends that “Darpel was covertly appropriating its trade secrets and other confidential, proprietary information.” (Id. ¶ 4.) Concurrent with this litigation, Plaintiff and Defendants are engaged in arbitration consistent with the terms of another agreement, the Purchase and Sale of Practice (“APA”). (Id. ¶ 24 n.2). The

following sections address the different agreements and claims arising under the agreements. A. The Agreement for Purchase and Sale of Practice Plaintiff is a “full-service, independent financial advisory firm formed in 2016.” (Id. ¶ 17.) In 2019, Darpel “sold his entire investment advisory business to OWM.” (Id. ¶ 1.) The sale finalized on August 2, 2019, and the parties signed the APA. (Id. ¶ 23.) The APA’s terms provided that “OWM acquired all of Darpel’s business assets.”1 (Id.) These assets included “all rights to the

1 At this time, OWM was an affiliate of Hayden Royal, “an SEC-registered corporate investment advisor who provided advisory, wealth management and related services.” (Compl. (Doc. 1) ¶ 28.) Despite its affiliation with Hayden Royal, OWM “retained its own employees and clients,” and was “permitted to acquire other practices and clients.” (Id. ¶ 30.) Clients and all revenue related thereto.” (Id.) The APA also listed by name the clients OWM was purchasing from Darpel and included a Non-Solicitation Agreement. (Id. ¶¶ 24—25.) This agreement required that Darpel for a period of three (3) years following the Transaction Date as defined in the Purchase Agreement (“Restricted Period”), [Defendant] shall not in any function or capacity, whether for his own account or the account of any other person or entity, solicit the sale of, market, or sell products or services similar to those sold or provided by Buyer or its affiliates to any of the Clients or client accounts on Exhibit A (collectively, the “Clients”) to the Purchase Agreement.

(Ex. 2 (Doc. 17-2) at 55.)2 Following the sale, OWM hired Darpel to work as a temporary consultant.3 (Compl. (Doc. 1) ¶ 26.) B. The Adviser Representative Agreement After Darpel worked as a temporary consultant for several months, OWM hired him as a full-time relationship manager for some of OWM’s accounts on December 17, 2019. (Id. ¶¶ 27, 32–33.)

2 All citations in this Memorandum Opinion and Order to documents filed with the court refer to the page numbers located at the bottom right-hand corner of the documents as they appear on CM/ECF. 3 The APA also included a mandatory arbitration clause with the American Arbitration Association (“AAA”). (Compl. (Doc. 1) ¶ 24 n.2.) Because of this clause, Plaintiff explained that it is “not seeking relief arising from the APA from this Court.” (Id.) Instead, the APA is “the subject of a pending arbitration.” (Id.) The parties entered into another agreement titled “Adviser Representative Agreement” (“Employment Agreement”).4 (Id. ¶ 31.) Per this Employment Agreement, Darpel’s duties consisted of “being a relationship manager on many of the accounts and clients he sold to OWM under the APA.” (Id. ¶ 33.) The Employment Agreement contained a confidentiality provision which required Darpel to acknowledge that he was not permitted during the Term or on or after the Termination Date, [to] directly or indirectly publish, disclose, describe, or communicate, or authorize anyone else to publish disclose, describe or communicate to any person, firm, business entity, or corporation, or use to Company’s detriment or for purposes other than in the furtherance of the Company Business, any Confidential Information, except as generally allowed in the conduct of Company’s business or as authorized, in writing, by Company.5 (Id. ¶ 37a.) Further, the Employment Agreement required Darpel to agree to a non-solicitation provision, namely that during [his] relationship with the Company and for a period of twelve (12) months following the Termination Date,” he would not “either directly or indirectly: (i) solicit or take away any of the Company’s clients who were clients or prospective clients of the Company at

4 Hayden Royal permitted its advisors to bring over their own clients from other services and then list those clients in an addendum to their employment agreement; however, because Darpel had already sold his business and all of his clients to OWM, Darpel left this addendum blank. (Compl. (Doc. 1) ¶¶ 35– 36.) 5 As relevant here, the Employment Agreement defined “Confidential Information” to mean, among other things, “customer . . . listings, . . . customer . . . information (including without limitation names, addresses and telephone numbers).” (Compl. (Doc. 1) ¶ 37.) the time Representative became affiliated with the Company; and (ii) solicit for the purpose of providing services similar to or competitive with the Company Business, any person or entity that was, during the 12 months prior to the Termination Date, a customer or client . . . of Company other than Customers where Representative is listed as the Primary Account Representative. (Id. ¶ 37b.) The Employment Agreement also contained both a North Carolina choice-of-law provision and a North Carolina forum selection clause.6 (Id. ¶ 37c.) C. Defendant Darpel’s Separation On April 19, 2024, Darpel terminated his employment, without notice and effective immediately. (Id. ¶ 42.) Plaintiff alleges that Darpel had been “contemplating and planning his departure for many months prior.” (Id.) Plaintiff contends that, following his resignation, Darpel solicited “substantially all of his former clients — all of whom were included in the APA and sale to OWM — to advise them of his departure from OWM, attempting to convince them to terminate their contracts with OWM and move their business to Smart Steps.” (Id. ¶ 51.) Additionally, Plaintiff maintains that Darpel contacted these clients by “improperly access[ing] OWM’s client email and address list with his personal cell phone on March 6, 2024.”

6 The Employment Agreement did not include an arbitration clause and is the only agreement under which Plaintiff asserts its claims before this court. (Compl. (Doc. 1) ¶ 24 n.2.) (Id. ¶ 52.) Plaintiff alleges, upon information and belief, that “Darpel then shared that information with Smart Steps, using it as the platform to which he would direct OWM’s clients whom he was soliciting to leave.” (Id. ¶ 54.) Plaintiff alleges it has suffered resulting losses of over $50 million in customer assets and at least $550,000 in annualized revenue. (Id. ¶ 55.) Plaintiff asserts two claims: a claim against Darpel for breaching the Employment Agreement, (id. ¶¶ 56–66), and a claim against both Darpel and Smart Steps under the Defend Trade

Secrets Act, 18 U.S.C.

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Bluebook (online)
GUNPOWDER CAPITAL MANAGEMENT, LLC v. DARPEL, III, Counsel Stack Legal Research, https://law.counselstack.com/opinion/gunpowder-capital-management-llc-v-darpel-iii-ncmd-2025.