Ray Reese: $450K Complaint Against Reese Financial Advisor

Recent investor complaints against Farmington, Missouri financial advisor Ray Reese (CRD# 1694620) allege that he made unsuitable investment recommendations. Records maintained by the Financial Industry Regulatory Authority indicate that he is currently registered as a broker with Money Concepts Capital Corporation and an investment advisor with Money Concepts Advisory Service, doing business as Reese Financial Group.

Mr. Reese’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in May 2023, alleges that as a representative of Money Concepts Capital Corporation, he breached his fiduciary duty, made unsuitable investment recommendations, and misrepresented material facts relating to investments. The pending complaint alleges damages of $450,000.

A second investor complaint, filed in 2020, alleges that as a representative of Money Concepts Capital Corporation, he did not correctly set up an IRA account, resulting in a tax liability. The pending complaint alleges damages of $200,000.

A third investor complaint, filed in 2021, alleges unsuitable investment recommendations, material misrepresentations and omissions, and breach of fiduciary duty in connection with a real estate investment. In 2022 the complaint reached a settlement of $40,000.

A fourth investor complaint, filed in 2020, alleged that he recommended unsuitable products, breached his fiduciary duty, violated state securities law, committed fraud, misrepresented and omitted material facts, and breached contract in connection with investments in a variable annuity and GPB Capital. In 2022 the complaint reached a settlement of $110,000

According to the Financial Industry Regulatory Authority, Ray Reese holds 34 years of securities industry experience. Based in Farmington, Missouri, he has been a broker with Money Concepts Capital Corporation since 1997 and an investment advisor with Money Concepts Advisory Service since 2001, doing business as Reese Financial Group. His past registrations include Pruco Securities Corporation (Newark, New Jersey; 1989-1997), the Prudential Insurance Company of America (Newark, New Jersey; 1989-1993), Hibbard Brown & Company (1988), and Sherwood Capital (1987-1988). His credentials include the passage of four securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Investment Company Products/Variable Contracts Representative Examination, or Series 6TO; and the Uniform Securities Agent State Law Examination, or Series 63. He is licensed in Alabama, Arizona, Arkansas, Florida, Illinois, Indiana, Iowa, Kansas, Missouri, Oklahoma, and Oregon. (Information current as of May 27, 2023.)

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