Richard Foerster Reynolds of Garden City, New York, a stockbroker registered with Worden Capital Management LLC, was the subject of a customer initiated investment related FINRA securities arbitration claim that was settled for $100,000.00 in damages based upon allegations that Reynolds made unsuitable investment recommendations, engaged in unauthorized trading, churned the customer’s accounts, committed fraud, charged excessive commissions, and breached his fiduciary duties in connection with the sale of stocks and over-the-counter equities when Reynolds was associated with Worden Capital Management. Financial Industry Regulatory Authority (FINRA) Arbitration No. 21-02186 (April 5, 2022).
FINRA Public Disclosure shows that Reynolds has been referenced in twelve other customer initiated investment related disputes concerning Reynolds’ conduct while associated with securities broker dealers, including American Capital Partners LLC and Worden Capital Management. Reynolds is the subject of a FINRA securities arbitration claim that was settled for $82,500.00 in damages based upon alleged churning, unauthorized trading, and overconcentration of assets in over-the-counter equities by Reynolds during the time that he was associated with American Capital Partners LLC. FINRA Arbitration No. 08-02598 (October 5, 2009).
On June 4, 2012, a FINRA securities arbitration claim involving Reynolds’ conduct was settled for $67,500.00 in damages based upon allegations that Reynolds made unsuitable recommendations, engaged in unauthorized trading, churned the customer’s accounts, and made misrepresentations of material fact in connection with the sale of stocks and over-the-counter equities. FINRA Arbitration No. 10-02490.
Reynolds was also referenced in a complaint that was settled on May 10, 2018, for $150,000.00 in damages based upon allegations that Reynolds churned the customer’s accounts, inappropriately used margin, and made unsuitable recommendations of stocks and over-the-counter equities during the period that Reynolds was associated with Worden Capital Management LLC.
On January 30, 2020, a complaint involving Reynolds’ conduct was settled for $4,000.00 in damages based upon allegations that Reynolds charged excessive commissions in connection with the sale of stocks and over-the-counter equities.
Reynolds was also referenced in a FINRA securities arbitration claim that was settled for $14,500.00 in damages based upon allegations that Reynolds negligently supervised certain representatives in connection with the recommendation and sale of stocks and over-the-counter equities. FINRA Arbitration No. 18-04439 (March 11, 2020).
On March 21, 2022, another customer filed an investment related FINRA securities arbitration claim involving Reynolds’ conduct in which the customer requested $376,966.61 in damages based upon allegations that Reynolds churned the customer’s accounts, charged excessive commissions, engaged in unauthorized trading, made unsuitable recommendations, was negligent, breached a contract, and committed fraud in connection with the sale of stocks and over-the-counter equities. FINRA Arbitration No. 22-00347.
Reynolds was associated with Worden Capital Management LLC in Garden City, New York, as a stockbroker from January of 2016 to April of 2021, and associated with SW Financial in Melville, New York, as a stockbroker from April of 2021 to September of 2022.
