Penalties for Trade Secret Violations [Infographic]
Significant legal consequences may result when trade secrets are stolen or misappropriated for your benefit or the gain of another. Trade secrets are:
Sensitive, proprietary and/or private information
Information that is not known to competitors or the general public
Meant to be protected to prevent the trade secret's rightful owner from economic harm
In Arizona, information can be considered a trade secret if one or more of the following are true:
The information is only known within the business entity itself
The information has a business value
Only certain business employees have knowledge of the information
Steps were taken to keep the information confidential
The information is not easily copied or obtained
When a trade secret violation has occurred, the following penalties may result:
A court-ordered injunction to prevent the thief from disclosing the secret
Punitive damages that require the trade thief to compensate the harmed business for economic losses
Up to $5 million in fines and 15 years in prison for violating the Uniform Trade Secrets Act
If you find yourself facing criminal charges for trade secret violation, contact Tyler Allen Law Firm for the best possible defense.