GMS Group Financial Advisor Malcolm Reader Has Ten Customer Complaints, Including Three Complaints Regarding The Sale Of Puerto Rico Bonds
The Wolper Law Firm is currently investigating claims against Malcolm Reader, a Financial Advisor at GMS Group in Boca Raton, FL. Malcolm Reader first entered the securities industry in 1981.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Malcolm Reader has been the subject of eight (8) customer complaints for alleged sales practice violations.
Most recently, in 2017, Malcolm Reader has been the subject of three customer complaints involving the sale of Puerto Rico municipal bonds. Puerto Rico has been in a recession since 2006 and its economic and fiscal status deteriorated incrementally each year until its bond market ultimately collapsed in 2013. Since 2013, Puerto Rico municipal bonds have continued to deteriorate and ultimately defaulted. The island is in the process of restructuring the outstanding bonds, which may leave investors with pennies on the dollar.
- November 2017—“Client alleges misrepresentation and unsuitable Puerto Rico and Virgin Island Bonds…” Alleged damages are $400,000.
- May 2017—“Client alleges unsuitable recommendations for the purchase of Puerto Rico bonds…” Alleged damages are $68,000.
- September 2017—Client alleges “misrepresentation of insured Puerto Rico bonds…” Alleged damages are $100,000.
In addition, Malcolm Reader has been the subject of several more customer complaints during his career outside the context of Puerto Rico bonds, including the following:
- December 2015—“Claimant asserted that Respondent violated MSRB Rule G-17 and FINRA Rules 2111, 2010 and 2020. Alleged damages were $44,325.
- March 2004—”Client alleges that account executive failed to disclose the risks associated with certain fixed income investments…” The matter was settled for $25,000.
The Wolper Law Firm has extensive experience handling Puerto Rico bond cases. Matt Wolper has handled hundreds of these cases since the collapse in 2013. If you or someone you know was a customer of Malcolm Reader or the GMS Group and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at firstname.lastname@example.org to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.
- Investment Loss Recovery Options For Investors In The 1INMM Capital, LLC Ponzi Scheme Perpetrated By Actor Zachary Horwitz a/k/a Zachary Avery
- J.W. Cole Financial, Inc. Sanctioned by FINRA for Sales Practices Relating To Sales And Supervision Of LJM Preservation & Growth Fund
- Cambridge Investment Research, Inc., Sanctioned by FINRA for Sales Practices Relating To Sales And Supervision Of LJM Preservation & Growth Fund
- Former Torch Securities Broker Jeremy Johnson Barred By FINRA After Allegedly Making Misrepresentations To Customers
- Former Lincoln Douglas Investments Broker Herbert G. Frey Sanctioned By FINRA For Alleged Unauthorized Trading
- Two Customer Complaints Pending Against Ausdal Financial Partners, Inc. Investment Advisor and Broker Kurt Baldry
- Concorde Investment Services Broker, Mark Huber, Has Two Customer Complaints, Alleging Sales Practice Misconduct
- Unsuitability Allegations Pending Against Previously Registered Voya Financial Advisors, Inc. Financial Advisor and Broker David R. Wall
- Common Types of Alternative Investments
- Did You Purchase GPB Capital Holdings Private Placements Through McNally Financial Services Or Daniel Poland