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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.

https://brokercheck.finra.org/individual/summary/1009953#disclosuresSection

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 mwolper@67.43.6.64 to discuss your specific situation and the legal options available.  The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.

Attorney Matthew Wolper

Attorney Matthew WolperMatt Wolper is a trial lawyer who focuses exclusively on securities litigation and arbitration. Mr. Wolper has handled hundreds of securities matters nationwide before the Financial Industry Regulatory Authority (FINRA), American Arbitration Association (“AAA”), JAMS, and in state and federal court. Mr. Wolper has handled and tried cases involving complex financial products and strategies ranging from traditional stocks and bonds to options, margin and other securities-based lending products, closed/open-end mutual funds, structured products, hedge funds, and penny stocks. [Attorney Bio]