Marc Augustus Reda of New York New York a stockbroker currently registered with Spartan Capital Securities LLC is referenced in a customer initiated investment related arbitration claim in which the customer was awarded $15,381.00 in damages based upon Spartan Capital Securities being found liable on the customer’s claims including churning of the customer’s account by Reda; and trades being placed by Reda without authorization. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-04117 (June 27, 2019).
FINRA Public Disclosure reveals that Reda has been identified in ten more customer initiated investment related disputes pertaining to allegations of his violative conduct while employed by securities broker dealers including PHX Financial Inc. Particularly, Reda is the subject of a customer initiated investment related written complaint which was settled for $85,000.00 on May 23, 2016 supported by accusations that fiduciary duties owed to the customer had been breached, and unauthorized common and preferred stock and over-the-counter equities trades were executed in the customer’s account.
On June 6, 2016, a customer initiated investment related complaint concerning Reda’s activities was resolved for $112,500.00 in damages based upon allegations that the customer’s account was overconcentrated in high risk equities; trades were effected without permission; and the customer’s instructions had been disregarded. Also, a customer initiated investment related complaint regarding Reda’s conduct was settled for $26,000.00 in damages based upon accusations that stock recommendations were unsuitable, and fiduciary duties owed to the customer were violated. FINRA Arbitration No. 16-01461 (July 13, 2016).
On August 31, 2017, another customer initiated investment related complaint involving Reda’s activities was resolved for $45,000.00 in damages supported by allegations that Reda charged the customer excessive commissions for the exchange traded fund and over-the-counter equities trades that he placed; and Reda’s account mismanagement resulted in the customer’s losses.
FINRA Public Disclosure additionally confirms that Reda has been fined $5,000.00 and suspended from associating with any FINRA member in any capacity supported by findings that he executed trades in customer accounts on a discretionary basis when PHX Financial did not approve Reda’s discretionary trading and there had been no written authorization provided to Reda from customers. Reda’s conduct was found by FINRA to be violative of National Association of Securities Dealers (NASD) Rule 2510(b). Letter of Acceptance Waiver and Consent No. 2016048486601 (June 2, 2017).
Reda’s registration with PHX Financial was terminated on January 28, 2016. Since May 12, 2016, Reda has been associated with Spartan Capital Securities LLC.
