In a letter to Acting SEC Chair Mark Uyeda, the Chicago-based firm called the recent complaint a retaliation and cited “rushed efforts” by SEC staff to push through the filing in the final days of Gary Gensler’s tenure.
“They’re trying to make an example of Darren Reinig so they can send a message to the broader advisor community that if you try to leave Hightower, we’re going to make your life expensive and litigious. And essentially that message has now popped,” the advisor’s attorney said.
Mariner’s recruitment scheme “was calculated to ensure Mariner received Edelman’s trade secrets,” according to amendments made to a lawsuit Edelman first filed in 2023.
The deal with Carlson Capital Management is Sequoia’s largest by number of employees and wealth advisors. It also allows the firm to offer internal tax planning and preparation services.
Financial Services Institute CEO Dale Brown acknowledged the organization wasn’t as familiar with potential DOL Head Rep. Lori Chavez-DeRamer as it was with SEC Chair Nominee Paul Atkins.
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