Ray Gene Reese of Farmington Montana a stockbroker formerly registered with Money Concepts Capital Corp is the subject of a customer initiated investment related FINRA securities arbitration claim where the customer requested $400,000.00 in damages based upon allegations that misrepresentations and omissions had been made to them concerning investments in GPB when Reese was associated with Money Concepts Capital Corp. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-03869 (Nov. 30, 2020).
According to the claim, there was a breach of contract and breach of fiduciary duty by the stockbroker. The customer had allegedly been placed into unsuitable investments. The claim also alleges that transactions were fraudulent and in violation of Missouri Securities Act.
Reese has been referenced in five more customer initiated investment related disputes concerning accusations of his bad sales practices while employed by Money Concepts Capital Corp and Pruco Securities. FINRA Public Disclosure confirms that a customer initiated investment related complaint concerning Reese’s conduct was settled for $7,688.27 in damages supported by allegations of misrepresentations by the stockbroker while at Prudential.
On June 22, 2016, a customer initiated investment related complaint involving Reese’s conduct was resolved for $95,000.00 in damages based upon allegations that false information had been placed on the customer’s new account documentation as it pertained to their purchase of Aztec Comanche Oil and Gas Drilling Program and Business Development Corporation of America (ARC BDCA).
The stockbroker is referenced in another customer initiated investment related written complaint on May 8, 2018 where the customer requested $75,000.00 in damages supported by accusations of the stockbroker’s misrepresentation of a real estate security while he was registered with Money Concepts Capital Corp. The complaint alleges that the customer was unaware that the investment was both non-traded and illiquid.
On June 29, 2020, another customer filed an investment related complaint concerning Reese’s activities in which they sought $200,000.00 in damages founded on allegations of their account not being invested property which caused them to suffer damages.
Reese has been a stockbroker with Money Concepts Capital Corp since April 14, 1997 and an investment adviser representative with Money Concepts Advisory Service since December 27, 2001.
