Michael Earl Reither, of Saint Louis, Missouri, a stockbroker formerly registered with First Allied Securities Inc., has been fined $10,000.00 and barred by the State of Missouri from being a stockbroker or an investment adviser representative according to an Order containing findings that Reither borrowed from a customer without authorization from First Allied Securities and had engaged in undisclosed outside business activities while registered with the securities broker dealer. Case No. AP-20-05 (April 29, 2020).
According to the Order, while Reither was registered with First Allied Securities, he failed to get written permission to borrow funds from one of its customers. The Order states that Reither did not notify First Allied Securities about outside business activities that involved a customer.
Reither was discharged by First Allied Securities on November 13, 2017, founded on accusations that he did not cooperate with its requirements regarding signature stamps.
Financial Industry Regulatory Authority (FINRA) Public Disclosure also shows that a customer initiated investment related civil action regarding Reither’s activities was settled to resolve allegations of the customer being misled regarding a variable annuity purchased through Reither and First Allied Securities.
Reither was also registered with Dominion Investor Services Inc. between December 15, 2017, and March 9, 2018.
