The law firm of Oakes & Fosher is presently investigating the possible misconduct of former securities broker David Reynolds. According to his publicly available FINRA BrokerCheck report, David Reynolds has been the subject of multiple customer disputes all in connection with him allegedly misappropriating customer funds.
David Reynolds was a California based securities broker. He worked in the securities industry for ten years. During his career, he was registered with four different securities firms.
His Registrations
- E*Trade Securities (2003-2004)
- Merrill Lynch (2008)
- Princor Financial Services Corporation (2008-2015)
- Allstate Financial Services (2016-2017)
The Allegations
David Reynolds was terminated from his position at Allstate Financial Services in October 2017. This termination followed an internal investigation the firm conducted into allegations that he misappropriated customer funds at his previous broker-dealer. During a FINRA investigation into the matter, Reynolds allegedly failed to comply with their request for information, and was barred by FINRA from acting as a securities broker in any fashion.
Three cases have been brought forward by customers alleging that David Reynolds misappropriated their funds. The first case was filed in November 2017 and was settled for $250,000 in damages. The second case was filed in January 2018 and was settled for $66,654 in damages. The third case was filed in March 2019 and is currently pending. The customer in this case alleged that David Reynolds misappropriated $38,000 from her in addition to recommending unsuitable securities, churning her account, and engaging in financial elder abuse.
What Does This Mean?
Investors would not be able to leave their money with securities brokers if they were unable to trust them. This trust only exists because securities brokers are bound by their fiduciary duty to always act in their customers’ best interests. Securities brokers like David Reynolds erode the trust between investors and securities brokers by allowing them to think its possible that their money will be stolen from them.
Oakes & Fosher Can Help
Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion could actually be entitled to damages.
Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with David Reynolds, please contact Oakes & Fosher for a free and private consultation.
