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Richard Reynolds: Complaints, Sanctions Against New York Worden Broker
Investor complaints against Melville, New York broker Richard Reynolds (CRD#: 2162706) allege conduct including suitability violations, supervisory failures, negligence, improper margin use, and other activity undertaken at Worden Capital Management and other firms. He has also been the subject of two disciplinary actions undertaken by state securities regulators, according to information drawn from Financial Industry Regulatory Authority records.
Richard Reynolds allegedly charged an unauthorized commission of $8,000 in August 2018, according to a pending 2019 complaint concerning his conduct at Worden Capital Management. The complaint alleges damages of $8,000.
Richard Reynolds was allegedly negligent in his duties as a supervisor at Worden Capital Management, according to a pending 2018 complaint. The complaint alleges $65,000 in damages.
While employed at Worden between 2016 and 2018, he allegedly engaged in fraud, made false representations concerning investments, committed breach of contract, was negligent in his duties, and breached his fiduciary duty to act in the customer’s best interests, according to a pending 2018 complaint. The claimant alleges damages of $56,000.
A 2018 complaint against Mr. Reynolds alleged that he made improper margin transactions, charged high commissions, churned the investor’s account, and violated suitability rules. The complaint reached a settlement of $150,000.
Richard Reynolds has received two sanctions from state regulators. He was the subject of a stipulation and consent order issued by Illinois securities regulators in 2016, concerning a 2009 censure by the New York Stock Exchange and a 2013 sanction by Michigan regulators. The Illinois order stipulated that his registration in the state would be withdrawn, and that he would not reapply for registration for two years. The 2013 order by the State of Michigan stated that he “engaged in dishonest or unethical practices in the securities and investment business within the previous ten years,” also citing the earlier NYSE order barring him from membership in that organization for a period of five months. As such, the State of Michigan denied his registration.
According to FINRA records, the 2013 NYSE sanction against Mr. Reynolds alleged that he participated in an outside business activity without notifying or receiving approval from his employer, solicited customers of his firm to invest away from the firm, and concealed his outside business activity from his firm by “making misstatements.” The NYSE censured him and barred him from association with it for five months.
A 2006 complaint against him alleged that he violated suitability obligations to a customer by recommending certain over-the-counter equity securities while employed at Janney Montgomery Scott. The complaint reached a settlement of $213,000.
Richard Reynolds’ current employment with Worden Capital Management in Melville, New York began in 2016. His employment history includes Rockwell Global Capital, American Capital Partners, Janney Montgomery Scott, Gruntal & Company, Rickel & Associates, and South Richmond Securities. His 14 state securities registrations include Arizona, Connecticut, Louisiana, South Carolina, and Texas. He has passed four securities industry qualification examinations. (Information current as of August 8, 2019.)