Ray Gene Reese of Farmington, Missouri, a stockbroker currently registered with Money Concepts Capital Corp, is the subject of a customer initiated investment related FINRA securities arbitration claim which was settled for $40,000.00 in damages founded on allegations of Reese’s unsuitable advice regarding a real estate security the customer purchased during the time that Reese was associated with Money Concepts Capital Corp. Financial Industry Regulatory Authority (FINRA) Arbitration No. 21-01964 (March 4, 2022). According to the claim, omissions and misrepresentations were made by the stockbroker in violation of state and federal securities laws.
Reese has been identified in seven additional customer initiated investment related disputes containing accusations of his wrongdoing while he was registered with securities broker dealers, including Pruco Securities (Prudential) and Money Concepts Capital Corp. FINRA Public Disclosure shows that a customer initiated investment related complaint regarding Reese’s conduct was resolved for $7,688.27 in damages supported by allegations of misrepresentation concerning a funding proposal when Reese was registered with Prudential.
Another customer filed an investment related complaint involving Reese’s conduct where the customer requested $5,162.97 in damages based upon accusations of misrepresentation concerning the variable appreciable life insurance policy Reese sold while employed by Pruco Securities. The complaint alleges that the customer was led to believe that they would not be required to continue paying premiums to keep their insurance policy in place.
On June 22, 2016, a customer initiated investment related complaint concerning Reese’s activities was settled for $95,000.00 in damages founded on allegations of the customer being placed in Aztec Oil and Gas Drilling Program despite the customer not being qualified as an accredited investor. The complaint also alleges poor performance on Business Development Corporation of America (ARC BDCA).
Reese is also referenced in a customer initiated investment related written complaint on May 8, 2018, in which the customer sought $75,000.00 in damages supported by accusations of a real estate investment trust misrepresented by Reese at Money Concepts Capital Corp. According to the complaint, at the time of the investor’s purchase, they were not informed about the REIT not trading in a public market. The customer was allegedly unaware of the illiquidity of the investment.
On June 29, 2020, an additional customer filed an investment related complaint regarding Reese’s conduct where the customer requested $200,000.00 in damages based upon allegations that Reese failed to correctly set up the customer’s account at Money Concepts Capital Corp, resulting in unreasonable tax consequences.
Reese is also identified in a customer initiated investment related FINRA securities arbitration claim in which the customer sought $400,000.00 in damages founded on accusations of omissions, misrepresentation, violation of Missouri Securities Act, and unsuitable securities transactions by Reese while he was associated with Money Concepts Capital Corp. FINRA Arbitration No. 20-03869 (November 20, 2020). The claim also contains allegations of breach of fiduciary, breach of contract, and fraud relating to a variable annuity and an investment in GPB.
Reese is also the subject of a customer initiated investment related FINRA securities arbitration claim where the customer requested $100,001.00 in damages supported by accusations of negligence, breach of fiduciary duty, and breach of contract concerning Reese’s sales of real estate securities during the time that Reese was registered with Money Concepts Capital Corp. FINRA Arbitration No. 21-02040 (October 18, 2021). According to the claim, the securities broker dealer violated Missouri Uniform Securities Act and federal securities laws. The claim also alleges that the customer had been defrauded.
Reese has been registered with Money Concepts Capital Corp as a stockbroker since April 14, 1997. He has been registered with Money Concepts Advisory Service as an investment adviser representative since December 27, 2001.
