Ray Gene Reese of Farmington Missouri a stockbroker formerly registered with Money Concepts Capital Corp is the subject of a customer initiated investment related complaint on May 8, 2018 where the customer requested $75,000.00 in damages based upon allegations of misrepresentations being made to the customer concerning the liquidity of a real estate security sold to the customer while Reese was employed by Money Concepts Capital Corp.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Reese is referenced in four additional customer initiated investment related disputes pertaining to accusations of Reese’s violative conduct during the time that he was associated with Prudential and Money Concepts Capital Corp. Specifically, a customer initiated investment related complaint concerning Reese’s activities was resolved for $7,688.27 in damages supported by allegations that while Reese was associated with Prudential, misrepresentations had been made to the customer concerning a variable annuity purchase.
Then, a customer filed an investment related complaint regarding Reese’s activities in which the customer sought more than $5,000.00 in damages founded on accusations that the customer was placed into a variable appreciable life insurance policy that was misrepresented – the customer was led to believe that there were no future premium payments required on the policy. On June 22, 2016, another customer initiated investment related complaint concerning Reese’s conduct was settled for $95,000.00 in damages based upon allegations that the customer was falsely labeled as an accredited investor on the customer’s account documentation; and the Aztec Comanche Oil & Gas Drilling Program and Business Development Corp. of America investments sold to the customer were not appropriate given the customer’s financial circumstances and investor status.
Subsequently, a customer initiated investment related arbitration claim regarding Reese’s activities was resolved for $650,000.00 in damages supported by accusations that contractual duties owed to the customer were violated; the customer’s account had been negligently administered; transactions executed in the customer’s account were unsuitable; false or misleading statements had been made to the customer concerning the premium payment on a whole life insurance policy sold to the customer; and the customer’s funds were stolen. FINRA Arbitration No. 18-01379 (May 7, 2018).
Reese has been registered with Money Concepts Capital Corp since April 14, 1997.
