Marc Reda is Allegedly Facing $17,620.00 in Requested Damages for Churning and Unauthorized Trading
Broker Marc Augustus Reda allegedly engaged in churning and unauthorized trading, according to a Pending Customer Dispute under review by investor rights attorney Alan Rosca.
The aforementioned dispute was filed on April 10, 2019, FINRA states, and damage amounts of $17,620.00 have been requested.
Reda is also the subject of a Pending Financial Dispute alleging Bankruptcy, FINRA reports. Said Dispute was filed on December 29, 2017, and has no further information.
Investor rights attorney Alan Rosca, of the Rosca Scarlato LLC law firm, is investigating activity related to Marc A. Reda’s alleged churning and unauthorized trading.
Investors who believe they may have lost money in activity related to broker Marc Reda’s alleged churning and unauthorized trading are encouraged to contact attorney Alan Rosca with any useful information or for a free, no-obligation discussion about their options.
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Marc Reda Has Been Suspended Three Months by FINRA for Alleged Excessive Commissions
Reda also settled a Customer Dispute which alleged that Read purportedly charged excessive commissions, FINRA notes.
The aforementioned dispute was filed on July 11, 2017, and damage amounts of $74,232.60 were requested but was ultimately settled for $45,000 according to his FINRA Brokercheck page.
Broker Marc Reda settled a Customer Dispute which alleged that he allegedly failed to timely disclose on his Form U4 a federal tax lien filed against him in the amount of $575,101, according to a Final Regulatory Action filed on June 2, 2017, FINRA states.
Without admitting or denying the findings, he reportedly consented to the sanctions and to the entry of findings that he exercised discretion in customers’ accounts without written authorization from the customers and without having obtained his member firm’s approval to treat those accounts as discretionary, FINRA notes. Reda was ultimately fined $5,000 and also suspended for three months, FINRA reports, from July 3, 2017 through October 2, 2017.
He has been registered with Spartan Capital Securities, LLC in New York, NY since May 12, 2016, and has also been registered with the following firms:
- First Standard Financial Company, LLC, Staten Island, NY— February 22, 2016 to May 2, 2016
- PHX Financial, INC., New York, NY— October 3, 2014 to January 28, 2016
- Laidlaw & Company (UK) LTD., New York, NY— November 21, 2013 to October 31, 2014
Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints or allegations mentioned in this article, unless otherwise indicated. Any reader should also read the original sources hyperlinked in this blog for accuracy, including any BrokerCheck report and/or record of any disciplinary or regulatory action. Those sources are incorporated by reference into the text of this blog, and are the governing materials in case of any inconsistencies or typos in this blog.
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Securities Lawyer Investigating
The Rosca Scarlato LLC law firm represents investors who lose money as a result of investment-related fraud or misconduct and are currently investigating Marc Reda’s alleged churning and unauthorized trading. The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, and has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.
Investors who believe they lost money as a result of broker Marc Reda’s alleged churning and unauthorized trading may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.