Thomas Reyes Jr., of La Vista, Nebraska, a stockbroker registered with Raymond James Financial Services Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Reyes refused to appear for testimony during an investigation into his potential outside business activities. Letter of Acceptance, Waiver, and Consent No. 2022074794901 (June 24, 2024).
FINRA’s investigation into Reyes began when Raymond James filed a Uniform Termination Notice for Securities Industry Registration (Form U5) on April 21, 2022, revealing an internal review into potential undisclosed outside business activities by Reyes. On August 22, 2022, Raymond James also disclosed that its internal review concluded Reyes had sold annuities not approved by the securities broker dealer.
On June 10, 2024, FINRA requested Reyes to appear for testimony. Reyes, through his lawyer, acknowledged receipt of this request but refused to comply. Therefore, he violated FINRA Rules 8210 and 2010.
Public Disclosure reveals that Reyes has been identified in three customer initiated investment related disputes containing allegations of his conduct while associated with securities broker dealers. On June 9, 2009, a customer filed an investment related complaint involving Reyes’s conduct in which the customer requested damages based upon allegations that Reyes made misrepresentations of material fact in connection with the sale of variable annuities when Reyes was associated with MML Investors Services Inc. The complaint was denied.
Reyes was also referenced in a customer initiated investment related complaint filed on November 17, 2015, in which the customer requested damages based upon allegations that Reyes made misrepresentations of material fact in connection with the sale of variable annuities when Reyes was associated with Securian Financial Services. The securities broker dealer denied the complaint.
Reyes was the subject of another customer complaint that was settled on September 11, 2020, for $9,749.44 in damages based upon allegations that Reyes misrepresented mutual funds, made unsuitable recommendations, and engaged in unauthorized trading during the time that Reyes was associated with Raymond James Financial Services Inc.
Reyes was associated with Next Financial Group Inc. in LaVista, Nebraska from April 13, 2022, to July 5, 2023, and Raymond James Financial Services Inc. in La Vista, Nebraska from June 17, 2015, to March 9, 2022.
