SEPTEMBER 2017 UPDATE-In June 2017, without admitting or denying the findings, Marc Reda consented to a fine of $5,000 and a three month suspension. FINRA found that he exercised discretion in customer accounts without written authorization from the customers and that he failed to timely disclose on FINRA Form U4 a federal tax lien filed against him in the amount of $575,101.
ORIGINAL POST--May 2016- Garden City, NY
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.
According to FINRA records, Marc A. Reda discloses 6 final and one pending customer dispute. In March 2016 a customer of Reda while he was registered with PHX Financial (Phoenix Financial Services) sent an email to the compliance department alleging that beginning in November 2015 there was a failure of Reda to follow instructions, there were unauthorized trades, poor communication and overconcentration of investments. No specific monetary damages are alleged. That matter is presently pending.
In 2/2016 a customer of Reda contacted Phoenix Financial Services and stated that certain transactions executed shortly after opening the account were unauthorized and had resulted in damages. That matter was settled for $120,000.
FINRA records disclose a currently pending FINRA investigation which is reviewing both current and former clients of Mr. Reda and the respective activity in the accounts to see if there were any rule violations.
According to FINRA records, Reda has been registered with Spartan Capital Securities since 5/2016. Reda was registered with First Standard Financial from 2/2016-5/2016. Prior to that he was registered with PHX Financial from 10/2014-1/2016 and with Laidlaw & Company from 11/2013-10/2014.
FINRA records disclose an Internal Revenue Service lien filed in the Supreme Court of Richmond County against Reda in the amount of $575,101.40.
If you have losses in an account handled by Marc A. Reda , contact us 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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