Michael Reither Investigation
September 2022- St. Louis, MO
According to publicly available records, Michael Earl Reither, who is not currently registered with any FINRA registered broker dealer , discloses a regulatory event, a prior customer dispute and a termination from employment.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In March of 2020, the state of Missouri alleged that as an investment advisor with First Allied Securities, Inc. (FASI) , Reither engaged in dishonest or unethical conduct, failing to provide prior written notice to and obtain prior written approval from FASI before entering into an arrangement to borrow money from a client and failing to provide written notice to FASI of outside business activity with a client.. Sanctions ordered were: a permanent bar from acting as an investment representative, a cease and desist and 3 monetary penalties to be paid by Reither personally as follows:
- Civil and administrative penalties – $10,000
- Monetary penalties – $2,604
- Restitution – $46,839
In November of 2017, Reither was discharged from employment with FASI after allegations that he did not comply with the firm’s signature guarantee stamp requirements. He had been employed with FASI since May of 2008.
Reither was employed with Dominion Investor Services from December 2017 until March of 2018. Reither discloses a business affiliation with Investment Concepts.
If you have questions about an account handled by Michael Reither call to learn how you may be able to recover damages through FINRA arbitration.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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