Richard Foerster Reynolds of Melville New York a stockbroker currently employed by Worden Capital Management LLC has been referenced in a customer initiated investment related arbitration claim which has been resolved for $14,999.99 in damages founded on accusations that (1) a fiduciary duty was breached (2) a contract pertaining to the customer’s investments was not complied with (3) the customer’s account had been negligently administered (4) false or misleading statements had been made in regard to common or preferred stocks and over the counter equities investments and (5) the customer was defrauded when Reynolds was employed by Worden Capital Management. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-03760 (Oct. 2, 2019).
FINRA Public Disclosure indicates that Reynolds is the subject of ten more customer initiated investment related disputes pertaining to allegations of his bad business practices during the period in which the stockbroker was employed by securities broker dealers including Worden Capital Management.
Specifically, on May 10, 2018, a customer initiated investment related complaint pertaining to Reynolds’ conduct had been settled for $150,000.00 in damages supported by allegations that when Reynolds had been employed by Worden Capital Management, the customer had been required to pay unreasonable commissions by the stockbroker for common or preferred stocks and over the counter equities; and transactions that were facilitated in the customer’s account by the stockbroker failed to be suitable because of the customer’s investment circumstances.
In addition, a customer filed an investment related arbitration claim in reference to Reynolds’ conduct where the customer sought $65,000.00 in damages based upon accusations that when Reynolds was associated with Worden Capital Management, transactions lacked appropriate supervision from the securities broker dealer; and the customer’s account was administered with poor care with respect to common or preferred stocks and over the counter equities transactions.
Reynolds is also referenced in a customer initiated investment related complaint on April 19, 2019 in which the customer requested $8,000.00 in damages based upon allegations of unauthorized commissions on common or preferred stocks and over the counter equities transactions effected by Reynolds when he was associated with Worden Capital Management.
FINRA Public Disclosure confirms that Reynolds has been ordered by the State of Illinois to refrain from seeking registration as a stockbroker or investment adviser representative founded on accusations that the stockbroker had been censured and barred by NYSE and denied registration as a stockbroker in Michigan for being unethical or dishonest. Illinois Securities Department Stipulation and Consent Order No. 1600100 (May 13, 2016).
More than half of Reynold’s prior employers have been expelled by securities regulators. Reynolds has been employed by Worden Capital Management since January 12, 2016.
