Marc Reda – Financial Advisor/Broker has Customer Complaints and is Barred by FINRA | Goodman & Nekvasil P.A., May Recover Investor Losses
According to the Financial Industry Regulatory Authority (FINRA), Broker Marc A. Reda is barred from working in the securities industry.
According to a FINRA complaint filed on June 15, 2021, Marc Reda allegedly recommended an unsuitable investment strategy. FINRA says that Reda purportedly failed to consider the substantial commissions and costs. Marc Reda’s alleged investment strategy and its high total costs reportedly harmed his customers.
The findings also stated that Marc Reda recommended securities transactions in his customers’ accounts that were excessive and quantitatively unsuitable for each of the customers. In excessively trading these customers’ accounts, Reda maximized his own financial benefit at the expense of his customers, generating costs of $264,734 and causing realized losses of $232,043 on accounts with an aggregate average monthly account value of $262,234.
Reda had no reasonable basis to believe that the investment strategy he recommended to his customers was suitable. FINRA found that the commissions Reda charged were excessive, unfair, and unreasonable.
Marc Reda was reportedly affiliated with the following firms during his twenty-two-year career, among others, according to FINRA:
05/12/2016 – 03/22/2022, SPARTAN CAPITAL SECURITIES, LLC (CRD#:146251), NEW YORK, NY,
02/22/2016 – 05/02/2016, FIRST STANDARD FINANCIAL COMPANY LLC (CRD#:168340), STATEN ISLAND, NY
10/03/2014 – 01/28/2016, PHX FINANCIAL, INC. (CRD#:144403), NEW YORK, NY
11/21/2013 – 10/31/2014, LAIDLAW & COMPANY (UK) LTD. (CRD#:119037), NEW YORK, NY
According to his broker record, Reda has 13 investor disputes, 2 regulatory actions, a bankruptcy and two employment separations.
Goodman & Nekvasil P.A. May Recover Investor Losses
If you lost money on investments with Marc Reda and believe that the investments may have been unsuitable or otherwise improper for you, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action concerning Reda’s conduct. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee.
Goodman & Nekvasil, P.A. has recovered more than $250 million on behalf of victimized investors. If you lost money on investments with Marc Reda and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.
Some of the information in this blog post was obtained on 3/25/22 directly from FINRA BrokerCheck, without any changes. If you believe this information was reported incorrectly, please contact our firm at 1-800-500-4442.