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
Raymond James alleges the defamatory emails came from someone targeting or impersonating two of its registered representatives — Richard Redvanly and Timothy VanBenthuysen. The emails, according to the suit, went to hundreds of people in the plaintiffs' professional and social circles, including business partners, employees, competitors and current and prospective clients. Redvanly had been Saba's mentor during his summer internship, and VanBenthuysen, the director of Raymond James' health care investment banking group, later told Saba by email that there were no job openings in his department.
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The first harassing email, sent from a bogus email account on Nov. 4 to various people inside the firm, connected Redvanly to insider trading, according to the suit. Further emails followed with more accusations of insider trading, false reports that Redvanly and VanBenthuysen had been convicted of rape and images of an "explicit and repulsive" nature that the pair had purportedly sent to associates, the suit says.
Redvanly's girlfriend and VanBenthuysen's wife also received messages supposedly from women who claimed to be having affairs with their partners, according to Raymond James. The emails continued to be sent throughout December and eventually drove the firm to shut down its Atlanta office on Jan. 7 and Jan. 8.
Following the digital trail
In the end, it was a purported invitation to join a "neo-Nazi banking club" that allowed Raymond James to trace the messages back to Saba, according to the complaint. The email included a list of rules and expectations, such as "Members are required to promote Neo-Nazi beliefs, including racial superiority, anti-Semitism, and homophobia" and a list of common club tasks and activities, such as committing acts of violence against minorities.
Raymond James' suit said the email contained metadata — hidden information accompanying most digital messages — identifying Saba as the author. A similar message was later sent from an email address purportedly belonging to VanBenthuysen. Raymond James said its cyberthreat center was able to retrieve a phone number from that email that matched one Saba included on the résumé he submitted for the summer internship.
Raymond James said the emails stopped promptly after its head of litigation, Gianluca Morello, sent a cease and desist letter to Saba.
"These activities are serious, and Raymond James plans to take all appropriate steps to address them, including potentially seeking injunctive and other relief from an appropriate court," Morello wrote. Saba later confirmed by phone that he had received the letter, according to Raymond James.
Raymond James declined to comment.
Attempts to reach Saba through his LinkedIn page were unsuccessful. The page says he's an honors finance student at Indiana University's Kelley School of Business and lists internships not only at Raymond James but also the investment banking firm RKCA, the Sisters of Notre Dame de Namur and the marketing firm 99 Exposure.
The lawsuit says Redvanly and VanBenthuysen suffered reputational harm from the smear campaign and that Raymond James incurred business losses because of having to close its Atlanta office. It accuses Saba of defamation, telecommunications harassment and placing the plaintiffs in a false light. The suit seeks penalties in excess of $75,000 on all three counts, as well as for causing intentional emotional distress, along with punitive damages and compensation for attorney's fees.
Chilling effect on whistleblowers?
Bill Singer, a securities lawyer and retired author of the
"Even if there was no malicious intent, your timing was terrible," Singer said. "People were killed in New Orleans and Vegas. So it's not funny."
Singer said the allegations in the emails are so outlandish that they're almost certainly false. His concern, he said, is that the case might inadvertently bolster firms' ability to go after whistleblowers reporting actual misdeeds.
"It's going to have a chilling effect on individuals who are aware of allegations that turn out to be true," Singer said.
And if Saba in fact does end up being liable for defamation, the case will seriously harm his chances of being employed in the industry, Singer said.
"These young kids haven't grown up in a world of consequences," he said. "They post all sorts of stuff on social media, and it rarely goes viral. But here certainly, the consequences are devastating."
