Florida Broker, ALFRED P REEVES, Barred by FINRA for Alleged Conversion of Firm's Funds

The South Florida-based Soreide Law Group obtained the following information on FINRA’s website under, “Disciplinary and Other FINRA Actions, March 2016:”

ALFRED P. REEVES III (CRD# 372836)Alternate Names: ALFRED P REEVES, ALFRED PIERREPONT REEVES
was barred by FINRA and ordered to pay $28,704.93, plus prejudgment interest, in restitution to his former member firm. The SEC sustained the findings and sanctions imposed by the NAC. The sanctions were based on findings that Reeves converted his former firm’s funds. The findings stated that Reeves, who served as the firm’s FINOP, was listed as his firm’s authorized billing contact with the firm’s clearing firm.
After Reeves’ contract with the firm was terminated, a trade was made in the firm president’s IRA account. The clearing firm withheld a total of $59,704.93 on commission on these trades, which it reported on the firm’s statement of clearing charges.  After his termination, Reeves was still listed as the authorized billing contact and directed the clearing firm to pay the commissions to Reeves’ consulting company because it had not been notified that he was no longer at the firm and should be removed as the designated billing contact.
After learning that the transfer was complete, Reeves began withdrawing money from the account, transferring money to his ex-wife’s account and paying personal expenses, without contacting the clearing firm or his former firm to clarify the source or purpose of the transfer.
After the firm’s president accused Reeves of allegedly stealing the money, Reeves offered to repay the clearing firm on the conditions that it admit that it had misappropriated the firm’s funds and paid them to Reeves in error, and that he would not make any payments until he resolved all issues with FINRA. Reeves eventually repaid $31,000 to the clearing firm and admitted he had not repaid the balance.
(FINRA Case #2011030192201)
After 37 years in the securities industry Alfred Pierrepont Reeves III, has permanently barred this individual from acting as a broker or otherwise associating with firms that sell securities to the public.  Reeves was previously registered with the following firms:
3/2011 - 12/2011 CONVERGENT SECURITIES, LLC - MIAMI, FL
01/2011 - 08/2011 HWJ CAPITAL PARTNERS II, LLC - BOCA RATON, FL
05/2008 - 02/2011 EUROPA SECURITIES, LLC - DENVER, CO FINRA expelled the firm in 06/2011
04/2001 - 12/2010 AFFILIATED FUNDING CORP. - DENVER, CO
If you feel you have sustained significant losses due to you broker/financial advisor’s recommendations, call the Soreide Law Group which is based in Pompano Beach, Florida, for a no-cost consultation with an attorney on the possibility of recovering your losses at:  888-760-6552.
We travel nationwide to appear before FINRA and we work on contingency.