Raymond James sues ex-intern over neo-Nazi claims and more; key legal cases for wealth management in 2025; a tech stack for endurance
Financial Planning
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INDUSTRY NEWS: Raymond James is accusing one of its former interns of running a monthlong cyber smear campaign involving allegations of insider trading, rape convictions and the promotion of a purported neo-Nazi banking group.
Raymond James filed a suit in federal court for the southern district of Ohio on Friday against Paul T. Saba Jr., who worked as an investment banking intern in Atlanta last summer. Months after Saba learned he wouldn't be hired for a full-time position at Raymond James and returned to Cincinnati, people inside and outside the firm began receiving emails as part of what the suit calls an "insidious, repugnant and wide-reaching cyber-harassment campaign." The harassment grew so bad, according to the suit, that Raymond James decided to shut down its Atlanta office for two days in January.
POLICY AND WEALTH: This year may not bring as many consequential Supreme Court decisions as the last one for financial advisors, but there are several pending lawsuits with big potential industry implications.
Ongoing uncertainty around the reporting of "beneficial ownership information" under the Corporate Transparency Act, a Supreme Court case testing the power of the IRS to collect pre-bankruptcy tax payments and possible new challenges to the agency's rules after the demise last year of the so-called Chevron doctrine could each affect advisors and their clients, according to Leila Carney , a member in the Tax Disputes & Tax Litigation Group at the Washington, D.C., office of Caplin & Drysdale. In addition, the Securities and Exchange Commission and FINRA are facing their own legal confrontations over enforcement capabilities.
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TECHNOLOGY: At Concurrent Investment Advisors, Joe McQuaid, managing director of platform solutions and advisor experience, provides advisors with guidance on how to implement and integrate various pieces of their tech stacks.?
Currently focused on building a data lakehouse, which will combine the vast amounts of raw data found in a data lake with the structure of a data warehouse to allow for secure storage and analysis, McQuaid shared four preferred software and platform choices.
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