Thomas Reyes Barred by FINRA Following Regulatory Action

Financial Industry Regulatory Authority (FINRA) BrokerCheck reveals disclosures about securities broker Thomas Reyes (also known as Thomas Reyes Jr., Tom Reyes Jr.) [CRD: 3168338, La Vista, Nebraska]. Reyes was previously registered as a broker and investment adviser, working for firms such as Raymond James Financial Services Inc., and NEXT Financial Group Inc. Recent regulatory actions have resulted in his permanent bar from the securities industry due to his refusal to cooperate with a FINRA investigation.

Regulatory Sanctions Against Reyes For Failure to Cooperate in Outside Business Activities Investigation

On June 24, 2024, FINRA barred Thomas Reyes from associating with any FINRA member in all capacities. The regulatory action stemmed from Reyes’ refusal to appear for on-the-record testimony regarding an investigation into his conduct while at Raymond James Financial Services Inc. The firm had filed Form U5 Amendments in 2022, disclosing an internal review related to potential undisclosed outside business activities (OBAs) and sales of annuities that were not on the firm’s approved product list. FINRA Rule 8210 requires brokers to provide testimony or documentation when requested, and Reyes’ failure to comply resulted in his indefinite bar from the industry.

Client Disputes and Allegations of Misrepresentation, Unsuitable Recommendations by Thomas Reyes

Reyes has a history of client disputes, including allegations of unauthorized trading, unsuitable investments, and misrepresentation:

• April 6, 2020: A client at Raymond James Financial Services Inc. alleged unauthorized trading and an unsuitable investment in mutual funds. The dispute, requesting $42,071 in damages, settled for $9,749.44.
• November 7, 2015: A client at Securian Financial Services Inc. alleged misrepresentation of a variable annuity contract. The firm denied the claim.
• June 30, 2009: A client at MML Investors Services Inc. claimed misinformation about a variable annuity investment in 2005. The firm denied the claim.

Contact Soreide Law About Reyes Today

Looking for more information about Thomas Reyes? If so, reach out to Soreide Law Group online or at (888) 760-6552 to consult with a securities attorney. The team at Soreide Law Group works on a contingency basis, advances all costs, and assists clients throughout the United States with recovering losses from sales practice misconduct. Reyes and the firms he worked for deny accusations of sales practice violations.