November 2020- Garden City, NY
According to publicly available records Richard Foerster Reynolds (CRD#2162706), a stockbroker who works for Worden Capital Management discloses three regulatory events, 11 customer disputes 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 May of 2016, the State of Illinois ordered sanctions that Reynolds would lose his registration as a salesperson in the state of Illinois for a period of two years when he could re-apply. The cost of investigation was also sanctioned in the amount of $150. Sanctions were ordered to satisfy allegations that Reynolds had been barred from the NYSE for five months after violating various New York Stock Exchange rules.
In October of of 2013, the State of Michigan denied Reynolds registration alleging that he had engaged in dishonest or unethical practices in the securities and investment business within the previous 10 years and that he was the subject of an order issued by the NYSE.
In December of 2007 the NYSE Division of Enforcement sought sanctions alleging that Reynolds 1) violated the NYSE rule of engaging in an outside business without consent 2) engaged in conduct inconsistent with just and equitable principles of trade by soliciting firm customers and others to invest in private securities transactions away from the firm and making misstatements to customers 3) sending correspondence to customers without supervisory review or approval. Sanctions were censure and a five month bar from NYSE.
From May of 2008 until April 2019, nine customer disputes were filed by customers firms that employed Reynolds -Janney Montgomery Scott, American Capital Partners and Worden Capital alleging among other things churning, over-concentration, unauthorized trading, unsuitability, misrepresentations, unsuitability, statutory and common law fraud, breach of contract, breach of fiduciary duty, negligence and negligent supervision. The cases were cumulatively settled for more than $650,000.
In April of 2010, American Capital Partners terminated Reynolds after allegations of insubordination and violation of firm policy.
Reynolds has been employed with Worden Capital Management since December of 2015. Before that he worked with Rockwell Global Capital, American Capital Partners, and Janney Montgomery Scott.
If you had an account with Richard Reynolds that suffered losses, you may be entitled to collect damages from his prior employer. Call to discuss your options.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investorsnationwide 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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