Investors Indicate Alternative Investments Misrepresented
Financial Industry Regulatory Authority (“FINRA”) reports troubling allegations of sales practice violations by securities broker Ray Gene Reese (CRD#: 1694620, Farmington, Missouri). Namely, five or more investors brought investment disputes to recover losses supposedly caused by Reese, who has worked for Money Concepts Capital Corp since 1997. Here’s more on the disclosures about him.
Money Concepts Capital Corp Client Complains About Ray Reese
In June 2020, a client of Money Concepts Capital Corp complained about Ray Reese. It seems that Reese possibly caused the client to lose an investment opportunity that would have supposedly paid $100,000 at the client’s retirement. Allegedly, Reese caused the client to experience a tax liability on an IRA or variable annuity transaction. For this reason, the client demanded $200,000 from Reese or Money Concepts Capital Corp. This matter awaits a resolution.
Reese Supposedly Misrepresents Real Estate Security
Also, in May 2018, a client of Money Concepts Capital Corp filed a dispute over Ray Reese’s sale of a real estate security. It appears in this May 2018 dispute that Reese supposedly misrepresented a non-traded REIT. Apparently, the client was not aware that the investment was illiquid. However, Money Concepts Capital Corp denied this complaint.
Money Concept Capital Corp Client Disputes Ray Reese’s Alternative Investment Sales
Moreover, FINRA BrokerCheck shows a dispute from 2015 in which a client contested Ray Reese’s sales practices. Allegedly, Reese had the client invest in Business Development Corp. of America. (“ARC BDCA”) and Aztec. The client indicated that those investments were too risky and that the values of those investments dropped at a “frightening rate.” Not only that, but the client was supposedly not qualified as an accredited investor and should not have invested in those securities. This matter was settled via Money Concepts Capital Corp paying $95,000 to the client.
Prior Disputes About Ray Reese Contain Misrepresentation Allegations By Pruco Clients
Finally, BrokerCheck shows disputes from 1999 to 2002 in regard to Ray Reese’s variable annuity and insurance sales at Prudential. It seems in one case that the client’s variable annuity was misrepresented. That dispute settled through a $7,688.27 payment to the client. However, the other dispute was denied.
Did You Experience Losses By Investing Through Reese?
FINRA BrokerCheck indicates that Ray Reese denies all allegations of any sales practice violations. Have you experienced losses because of Reese? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced lawyers about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have suffered losses due to the misconduct of financial advisors and securities brokers.