The Financial Industry Regulatory Authority (“FINRA”) reports troubling allegations of misconduct by securities broker Marc A. Reda (CRD#: 2757330, New York, New York). Namely, the Spartan Capital Securities broker is under investigation and facing a possible FINRA enforcement action alleging his unauthorized trading. Not only that, but 12 of Reda’s clients filed disputes about his sales practices. Overall, these disclosures suggest that Reda churned accounts, traded without authorization and made bad investment recommendations. Here’s a closer look at some of the recent disclosures:
Evidently, on June 15, 2020, a FINRA Wells Notice Examination #: 20190635269 was reported on Marc Reda’s BrokerCheck Report. This Wells Notice indicates that FINRA might try to sanction Reda for unauthorized trading in his client’s accounts. Not only that, but the financial industry watchdog might cite Reda for failing to report client complaints. These actions are violations of FINRA rules which could result in a suspension of Reda’s registration among other things.
Notably, in June 2017, FINRA issued Marc Reda a 3-month suspension and a $5,000 fine for violating FINRA Rules 1122 and 2020. It appears that Reda made discretionary trades in his three clients’ accounts at PHX Financial. Apparently, neither PHX Financial nor Reda’s clients gave him written permission to make the trades.
Apparently, a client of Spartan Capital Securities brought FINRA Arbitration Action #: 19-03740 to contest Marc Reda’s sales practices. Namely, the client suggested that Reda misrepresented facts associated with this client’s investments. Not only that, but Reda supposedly gave the client unsuitable recommendations. For this reason, the client demanded $72,026 in compensatory relief. Apparently, this matter is ongoing.
Evidently, a second client of Spartan Capital Securities filed a FINRA Arbitration Action #: 18-04117. It seems that Marc Reda made unauthorized trading in the client’s account. Also, the client indicated that Reda was churning – trading excessively mainly to generate commissions from the client. Evidently, on June 27, 2019, a FINRA Arbitrator resolved this matter in the client’s favor, ordering Spartan Capital’s payment of $15,381 in compensatory damages.
Have you experienced losses by investing with Marc Reda? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have incurred losses due to misconduct of securities firms and brokers like Reda.
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