Raymond James has taken legal action against a former intern whom it contends waged “an extreme, malicious, harassing, abusive, and defamatory email campaign” that falsely painted two employees as convicted rapists, suggested that firm employees were recruiting for a neo-Nazi bankers club and accused one employee of insider trading.
The “insidious, repugnant, and wide-reaching cyber-harassment Campaign,” waged from early November to at least early this month, has harmed the firm and two employees’ personal and professional reputations, according to a defamation lawsuit filed Friday in U.S. District Court for the Southern District of Ohio.
The alleged cyber-harassment attacks by Paul T. Saba Jr., a 2024 summer investment banking intern in the financial firm's Atlanta office, included emails impersonating firm investment banking employees that invited recipients to join a bogus “Neo-Nazi” club for bankers, the lawsuit says. The campaign appeared to start several months after he learned that the firm wasn’t hiring him for a full-time job, according to the complaint.
The emails seemed to stop after Jan. 6, when Raymond James sent a cease-and-desist letter to Saba, alerting him that the firm had linked him to the campaign, according to the lawsuit. The filing alleges defamation, civil liability for damages from criminal telecommunications harassment, placing plaintiffs in a false light and infliction of emotional distress.
“The perpetrator has tried to wage this horrendous Campaign anonymously by using fictitious email accounts to hide his identity in an effort to spread false and damaging information without consequences,” Raymond James and two investment banking employees, Timothy VanBenthuysen and Richard Redvanly, allege in the complaint.
Raymond James closed its Atlanta investment banking offices for two days last week “out of safety concerns and to fully evaluate the security risk” and potential other risks posed by the escalating campaign of “malicious and harassing emails being sent impersonating and/or targeting” the plaintiffs and others associated with them, the complaint says.
Saba used impersonating emails from fake accounts to falsely accuse Redvanly, Saba’s internship mentor, of insider trading, and to tell his girlfriend he was cheating on her, the lawsuit alleges.
Another phony email thread, sent to Raymond James employees and recipients at competitor firms, suggested that VanBenthuysen, who is married, was having an affair with a co-worker, included “explicit and repulsive images,” and was spread by another fake account with a note saying that VanBenthuysen had been sending sexually inappropriate emails.
Other emails falsely claimed that Redvanly and VanBenthuysen each had been convicted of raping a teenager, according to the lawsuit.
Defamatory emails went to hundreds of people, including the plaintiffs’ colleagues, competitors, clients and friends, according to a motion filed Monday seeking a temporary restraining order and preliminary injunction to prevent Saba from sending any emails concerning the firm, the two employee plaintiffs and their “significant others,” and other Raymond James employees.
The motion also asks the court to prevent Saba from coming within 100 yards of any Raymond James office as well as VanBenthuysen and Redvanly and their residences, and from using any device to access any electronic files concerning the plaintiffs and any email accounts used to send emails about them or their significant others.
The firm said the perpetrator remained anonymous for nearly two months until it recently discovered his identity.
“These emails were sent to hundreds of individuals in the same social and professional circles as Messrs. VanBenthuysen and Redvanly, as well as to employees, business partners, clients, competitors, and/or prospective clients of Raymond James,” the complaint says.
The firm’s cyber threat center “very recently” identified information linking at least four malicious emails to Saba, according to the lawsuit.
“The false and damaging email harassment campaign has caused significant injury to Plaintiffs, including damage to the personal and professional reputations of Messrs. VanBenthuysen and Redvanly, emotional distress to Messrs. VanBenthuysen and Redvanly, and business loss/interruption to Raymond James,” the firm alleges.
“There is also a significant likelihood that the false and damaging information spread by Defendant has impaired Raymond James’ reputation in the industry, such that the company will suffer loss of business in the future,” the complaint contends.
Phony emails appeared to indicate that an unidentified employee and VanBenthuysen were recruiting members for a neo-Nazi bankers club, according to the lawsuit.
Raymond James had no comment beyond the lawsuit, a spokesperson told ThinkAdvisor on Tuesday.
Saba didn’t immediately respond to a message seeking comment sent to the email addresses where Raymond James sent its cease-and-desist letter.
WealthManagement.com reported the lawsuit Tuesday.
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