fbpx

INVESTOR ALERT – Worden Capital Management Financial Advisor, Richard Reynolds, Has Ten Customer Complaints

Richard F. Reynolds is a Financial Advisor at Worden Capital Management LLC in Melville, NY.  Richard Reynolds has been in the securities industry since 1991 and previously worked at South Richmond Securities, Inc., Rickel & Associates, Inc., Gruntal & Co., LLC, Janney Montgomery Scott LLC, American Capital Partners, LLC and Rockwell Global Capital LLC. 

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Richard Reynolds has 10 customer complaints disclosed on his CRD.  The allegations are as follows: 

  • December 2018 – “Negligence and negligent supervision.  Alleged activity took place between April 2017 and December 2018.”  Alleged damages are $65,000.
  • November 2018 – “Statutory and common law fraud, misrepresentation, negligence, breach of contract and breach of fiduciary duty.  Dates of alleged activity May 2016 through January 2018.”  Alleged damages are $56,000.
  • May 2018 – “Churning, improper use of margin, unsuitability, and high commissions.”  The matter settled for $150,000.
  • June 2011 – “SUITABILITY”  Settled for $164,000.
  • July 2010 – “UNAUTHORIZED TRADING, SUITABILITY, CHURNING AND MISREPRESENTATIONS.”  Settled for $65,700.
  • January 2009 – “CLIENT ALLEGED VIA VERBAL COMPLAINT UNSUITABILTY ON THE PURCHASE OF WASHINGTON MUTUAL INC.”  Settled for alleged damages amount of $35,000.
  • August 2008 – “SUMMARY OF CLAIM ALLEGES CHURNING, OVER-CONCENTRATION AND UNATHORIZED TRADING.”  Settled for $82,500.
  • August 2007 – “CUSTOMER ALLEGES LOSES DUE TO FAILURE TO REDUCE MARGIN DEBT.”
  • April 2006 – “CLAIMANT ALLEGED THAT FINANCIAL CONSULTANT MADE UNSUITABLE RECOMMENDATIONS.”  Settled for $127,500.
  • October 1998 – “CLIENT ALLEGED UNAUTHORIZED TRADING AND FAILURE TO EXECUTE TRADES REGARDING UNSPECIFIED STOCKS THAT WERE BOUGHT IN HIS ACCOUNT IN 1997.”

In addition, Richard Reynolds was suspended for 5 months in 2009 by the New York Stock Exchange for violating various Exchange Rules, and in October 2013, he was summarily denied registration as a salesperson in the State of Michigan because he “engaged in dishonest or unethical practices in the securities and investment business…”   

For a copy of the Richard Reynolds CRD, click https://brokercheck.finra.org/individual/summary/2162706#disclosuresSection

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 on a contingency fee basis.  Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer 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.  We can be reached at 800.931.8452 or by email at mwolper@wolperlawfirm.com.

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]