- July 9, 2018
- Breach of Fiduciary Duty
- Broker Discipline
- Spartan Capital
- Unauthorized Trading
Marc Reda is a former Financial Advisor at First Standard Financial Co. and current Financial Advisor at Spartan Capital Securities in Staten Island, New York. Marc Reda first entered the securities industry in 1999 and has worked for a multitude of brokerage firms, including PHX Financial and Laidlaw & Co.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Marc Reda has ten (10) customer complaints since his career in the financial services industry began.
- July 2017—Client alleges “inappropriate management of Mr. Holle’s account his broker at the time, Mr. Reda, while charging excessive commissions.” The matter was settled for $45,000.
- June 2016—Client alleges “breach of fiduciary duty, unsuitable recommendations.” The matter was settled for $26,000.
- April 2016—Client alleges “unauthorized trading and breach of fiduciary duty.” The matter was settled for $85,000.
- March 2016—Client alleges “there was a failure by his broker to follow instructions, unauthorized trades, poor communication and over concentration…” The matter was settled for $112,500.
In addition, in June 2017, Marc Reda entered into a settlement with FINRA based on an allegation that he “exercised discretion in customers’ accounts without written authorization from the customers.” Marc Reda was suspended for three months and ordered to pay a fine of $5,000.
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
The Wolper Law Firm represents investors nationwide in securities litigation and arbitration. Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyers who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. His industry insight, experience and knowledge gives his clients a competitive advantage.
If you have concerns regarding your investment portfolio or have experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at firstname.lastname@example.org.