Marc A. Reda, of New York, New York, a stockbroker formerly with PHX Financial, Inc. is the subject of a customer intiated, investment related dispute where Reda was alleged to to have breached his fiduciary duty and made unsuitable investment recommendations.
FINRA Public Disclosure records reveal that Reda has been previously subject to nine customer disputes., and FINRA investigation and was in fact fired for cause by PHX Financial. In April 15, 2016, Reda settled a customer dispute for $85,000.00 after another customer alleged that Reda breached his fiduciary duty to the customer and engaged in unauthorized trading in the customer’s account. Again, on March 17, 2016, Reda settled a customer dispute after he was accused of not placing two stop loss orders per agreement with the customer, causing the customer to bear investment losses.
On March 15, 2016, Reda settled a customer dispute for $112,500.00 after the customer alleged that Reda failed to follow the customer’s instructions, engaged in trades which were unauthorized, and over-concentrated the customer’s investments. On January 21, 2016, Reda settled a customer dispute for $120,000.00 after Reda was alleged to have engaged in unauthorized transactions in the customer’s investment account.
On March 1, 2004, Reda settled a customer dispute after he was alleged by the customer to have engaged in an unauthorized stock sale transaction. On January 29, 2000, Reda settled a customer dispute for $13,487.31 after the customer alleged that Reda purchased securities in the customer’s account despite not having the customer’s requisite authorization.
Reda became subject to an investigation by Financial Industry Regulatory Authority (FINRA) on October 1, 2015, regarding alleged misconduct by Reda which impacted several of his clients. FINRA also investigated whether Reda committed violations of FINRA’s investor protection rules. Since May 2016, Reda has been registered with Spartan Capital Securities.
Guiliano Law Group
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