Richard Reynolds

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Richard Reynolds (Reynolds), previously associated with Sw Financial, has at least one disclosable event. These events include one regulatory event, alleging that Reynolds recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on August 22, 2024.

. Without admitting or denying the findings, Reynolds consented to the sanctions and to the entry of findings that he excessively and unsuitably traded the account of a senior customer with a medium risk tolerance. The findings stated that Reynolds recommended high frequency in-and-out trading to the customer, even when the price of his recommended securities did not materially change. The customer relied on Reynolds’ advice and routinely followed his recommendations. Reynolds recommended transactions in the customer’s account that generated total trading costs of $39,436, including $35,950 in commissions.

The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that broker Richard Foerster Reynolds (Reynolds), currently employed by SW Financial has been subject to at least 13 customer complaints during the course of his career. According to records kept by The Financial Industry Regulatory Authority (FINRA), Reynolds’ customer complaints alleges that Reynolds recommended unsuitable investments in various investments, among other allegations of misconduct relating to the handling of their accounts, including unauthorized trading.

In April 2019, a customer complained that Reynolds violated the securities laws by alleging that Reynolds charged unauthorized commissions. The damage amount requested was $8,000. The claim settled in the amount of $4,000.

In December 2018, a customer complained that Reynolds violated the securities laws by alleging that Reynolds engaged in negligence and negligent supervision. The damage amount requested was $65,000. The claim settled in the amount of $14,500.

In November 2018, a customer complained that Reynolds violated the securities laws by alleging that Reynolds engaged in statutory and common law fraud, misrepresentation, negligence, breach of contract, and breach of fiduciary duty. The damage amount requested was $56,000. The claim settled in the amount of $14,999.99.

In May 2018, a customer complained that Reynolds violated the securities laws by alleging that Reynolds engaged in churning, improper use of margin, unsuitability, and charged high commissions.. The damage amount requested was $503,828.39. The claim settled in the amount of $150,000.

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