Richard Foerster Reynolds of Garden City, New York, a stockbroker formerly registered with Worden Capital Management, is identified in a customer initiated investment related FINRA arbitration claim where the customer sought $1,606,034.39 in damages supported by allegations of breach of fiduciary duty and churning of the customer’s account by Reynolds when he was registered with Worden Capital Management. Financial Industry Regulatory Authority (FINRA) Arbitration No. 21-02186 (October 18, 2021). According to the claim, excessive and unauthorized trading of stocks and over-the-counter equities resulted in losses to the customer. The claim also alleges excessive commissions and fraud at Worden Capital Management.
Reynolds has been identified in eleven additional customer initiated investment related disputes concerning accusations of his wrongdoing while employed by securities broker dealers, including Worden Capital Management, American Capital Partners, Janney Montgomery Scott LLC, and Gruntal Co. LLC. FINRA Public Disclosure reveals that a customer initiated investment related arbitration claim concerning Reynolds’s conduct was settled for $67,500.00 in damages founded on allegations that Reynolds made misrepresentations to the customer concerning over-the-counter equities and stocks while Reynolds was employed by American Capital Partners. According to the claim, unauthorized trades were made by Reynolds. The claim also alleges the churning of equities by the stockbroker.
Another customer initiated investment related arbitration claim involving Reynolds’s conduct was resolved for $164,000.00 in damages based upon accusations of unsuitable trading of stocks and over-the-counter equities by Reynolds at American Capital Partners.
On May 10, 2018, a customer initiated investment related complaint regarding Reynolds’s activities was settled for $150,000.00 in damages supported by allegations of high commissions, unsuitable transactions, unreasonable margin use, and churning of over-the-counter equities and stocks for the customer’s Worden Capital Management account.
Reynolds is also the subject of a customer initiated investment related arbitration claim which was resolved for $14,999.99 in damages founded on accusations of negligence and breach of fiduciary duty as it pertained to equity trading at Worden Capital Management between May of 2016 and January of 2018. FINRA Arbitration No. 18-03760 (October 2, 2019). According to the claim, Reynolds made misrepresentations to the customer regarding the customer’s investments. The claim also alleges breach of contract and fraud.
Reynolds is referenced in a customer initiated investment related written complaint which was resolved for $4,000.00 in damages on January 30, 2020, supported by accusations of unauthorized commissions relating to trades Reynolds made while registered with Worden Capital Management.
On March 11, 2020, an additional customer initiated investment related arbitration claim concerning Reynolds’s conduct was settled for $14,500.00 in damages based upon allegations that between April of 2017 and December of 2018, the customer’s account was negligently supervised, resulting in damages. FINRA Arbitration No. 18-04439. The claim alleges that the Worden Capital Management stockbroker’s trading of over-the-counter equities and stock trading showed negligence.
Reynolds has also been sanctioned on three occasions. He was the subject of an Order issued by NYSE, which censured and barred him for five months founded on allegations of his violation of regulatory rules. He was also denied stockbroker registration in Michigan for violating Michigan Securities Act.
Reynolds was associated with Worden Capital Management between January 12, 2016, and April 12, 2021. He has been registered with SW Financial since April 5, 2021.
