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$376K Complaint Against SW Financial Advisor Richard Reynolds

SW Financial representative Richard Reynolds (CRD# 2162706) has recently received investor complaints alleging his actions resulted in losses. Financial Industry Regulatory Authority records show that he is based in Melville, New York and was formerly affiliated with Worden Capital Management in Garden City, New York. 

The most recent complaint disclosed on Mr. Reynolds’ BrokerCheck report was filed in March 2022. It alleges that as a representative of Worden Capital Management, he churned investments, generated excessive commissions, made unauthorized trades, recommended unsuitable securities, acted negligently, breached contract, and committed fraud. The pending complaint alleges damages of $376,966.61. According to his Broker Statement on the disclosure, Mr. Reynolds “denies all allegations” contained in the complaint.

A complaint filed in October 2021 alleged that as a representative of Worden Capital Management, Mr. Reynolds recommended unsuitable investments, engaged in unauthorized trading, churned the account, acted fraudulently, charged excessive commissions, and breached his fiduciary duty. In April 2022 the complaint reached a settlement of $100,000.

A complaint filed in 2018 alleged that as a Worden Capital rep, Mr. Reynolds acted negligently. In March 2020 the complaint reached a settlement of $14,500.

According to the Financial Industry Regulatory Authority, Richard Reynolds holds 28 years of securities industry experience and has been affiliated with SW Financial in Melville, New York since April 2021. His past registrations include Worden Capital Management (Garden City, New York; 2016-2021), Rockwell Global Capital (Melville, New York; 2012-2015), American Capital Partners (Huntington, New York; 2005-2010), Janney Montgomery Scott (Philadelphia, Pennsylvania; 2001-2005), Gruntal & Company (New York, New York; 1995-2001), Rickel & Associates (New York, New York; 1994-1995), and South Richmond Securities (1991-1994). His credentials include the passage of four securities industry qualifying exams: the Uniform Securities Agent State Law Examination, or Series 63; the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7; and the General Securities Principal Examination, or Series 24. He currently holds 13 state licenses. (Information current as of May 13, 2022.)

Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.

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