According to FINRA records, Marc A. Reda , a broker who is currently employed by Spartan Capital Securities, discloses 10 prior customer disputes a prior regulatory event, 2 terminations from employment and a currently outstanding judgment/lien.
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 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.
The prior customer disputes include the following settlements:
- IN 8/2017 a customer of PHX Financial was paid $45,000 to resolve allegations that Marc Reda charged excessive commissions and mismanaged the customer’s account.
- FINRA Arbitration 16-1461-a customer of his prior employer PHX FInancial alleged breach of fiduciary duty and unsuitable recommendations, seeking damages of $100,000. That case was settled in 7/2016 for $26,000.
- In 4/2016 a customer of PHX Financial alleged that Reda traded his account without authority and breach of fiduciary responsibility, seeking damages of over $500,000. That case was settled in 5/2016 for $85,000.
- In 3/2016 a customer of his prior employer Phoenix Financial Services alleged that beginning in 11/2015 Reda failed to follow the customer’s instructions, made trades without authority and over concentrated investments causing damages of $500,000. That case was settled in 6/2016 for $112,500.
- In 1/2016 a customer of Phoenix Financial Services alleged that Reda made unauthorized trades in her account causing damages of $400,000. That case was settled in 2/2016 for $120,000.
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.
In 1/2016 Marc Reda was “permitted to resign” from PHX Financial for alleged violations of firm policy.
FINRA records disclose an Internal Revenue Service lien filed in the Supreme Court of Richmond County, New York, against Reda in the amount of $575,101.
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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