CHRISTOPHER A REID (CRD#: 2341418) was fined $5,000.00 and suspended in all capacities for four months, beginning August 17, 2020, ending on December 16, 2020, by FINRA. Reid was formerly with Morgan Stanley of Marlton, New Jersey.
According to the FINRA report dated August 20, 2020, without admitting or denying FINRA’s findings, CHRISTOPHER A REID consented to the sanctions and to the entry of findings that he allegedly participated in private securities transactions in a third-party’s account held away from his member firm without providing written notice to, or otherwise informing his firm.
FINRA’s findings stated that FINRA began its investigation of CHRISTOPHER A REID after receiving a Form U5 that reported Reid voluntarily resigned while under internal review regarding alleged transactions in a third-party’s account held at another brokerage firm. Allegedly, an individual attempted to open a firm brokerage account through Reid. Reportedly, the firm rejected the account. Then that person opened a self-directed brokerage account with another FINRA member that he funded with a $100,000 deposit. Reid, according to FINRA, agreed to assist and place trades on behalf of the individual in the outside account.
Then FINRA stated, allegedly CHRISTOPHER A REID and the individual, either together or individually, placed approximately 200 equity and options trades. According to the report, the account lost approximately 90 percent of its value. Reid was not compensated for, and did not have a beneficial interest in, the account. Reid participated in these securities transactions by advising the owner of the account on the trading strategy and by directly placing trades in the account through the other FINRA member’s website.
According to FINRA’s BrokerCheck, CHRISTOPHER A REID, has been in the securities industry for 16 years and has two disclosures on his FINRA CRD report. One of the disclosures is the “Regulatory,” suspending and fining him, and the other is an “Employment Separation After Allegations,” which alleges, “Allegations regarding employee’s access to, and conducting transactions in, a former client’s account at a third party financial institution.” Reid voluntarily resigned from Morgan Stanley in 2018.
According to BrokerCheck, Reid was listed with 8 firms in his 16 years of his FINRA registration. The following is the last firm he was registered with:
09/07/2011 – 09/25/2018 MORGAN STANLEY – MARLTON, NJ
If you’ve experienced losses due to the former Morgan Stanley of Marlton, New Jersey, broker, CHRISTOPHER A REID, contact Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group works on a contingency fee basis, and represent our clients nationwide before FINRA.