Along the way, Snipes allegedly signed various confidentiality agreements, including one as recently as 2020, the lawsuit stated.

This isn't the first time a court will be considering the matter. Prior to this lawsuit, Vanguard had filed a lawsuit in North Carolina state court asking for a temporary order of protection, which was denied, to keep Snipes from luring clients to his firm pending the outcome of the second lawsuit.

The first lawsuit, filed just a few days prior to the federal suit filing and containing many of the same arguments, was denied on the grounds that the judge could not see Vanguard being successful based on the arguments and evidence that were presented.

The judge in the first lawsuit ruled that Vanguard's evidence  for its claims was "insufficient to show a likelihood of success on the merits.”

According to the Topsail website, Charles Schwab is the firm’s custodian, regulatory and compliance issues are handled by Independent Advisor Alliance, investment and reporting functions use Orion Advisor Solutions, and eMoney is the firm’s integrated solution for advanced planning.

 

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