Securities Lawyers Blog
According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA), broker David Reynolds (Reynolds) was barred in November 2017 from the financial industry for concerning allegations that he misappropriated customer funds and did not provide requested documents to FINRA. According to FINRA, Reynolds consented to the sanction and bar due to the fact that he refused to provide requested documents during a period of investigation. At this time it is unclear the extent and nature of the appropriation that occurred.
Reynolds employer, Allstate Financial Services LLC (Allstate Financial), discharged Reynolds in October 2017 for Reynold’s failure to produce requested documents for the firm’s investigation of his alleged misappropriation of customer funds.
In addition, Reynolds has been subject to a customer complaint. In January 2018, a customer alleged that Reynolds did not return customer’s investment funds to the customer. The dispute settled at $66,654.25.