Did Christopher A. Reid Cause You Investment Losses?
Christopher A. Reid of Mount Laurel, New Jersey was fined $5,000 and suspended from association with any FINRA member firm for a period of four months for allegedly participating in private securities transaction in violation of FINRA Rules 3280 and 2010. Without admitting or denying the allegations, Reid consented to the sanctions. The suspension is in effect from August 17, 2020, through December 16, 2020. Reid is not currently registered or associated with a FINRA member firm and remains subject to FINRA’s jurisdiction.
In 2011, Cristopher A. Reid joined Morgan Stanley and was registered as General Securities Representative (Series 7). Morgan Stanley later filed a Form U5 stating Reid voluntarily resigned while under review as to whether he participated in private transactions in a third-party’s account. The findings stated an individual had come to Mr. Reid seeking assistance to open a brokerage account and was later rejected by Morgan Stanley. The customer then opened an account with another firm and deposited a total of $100,000. According to FINRA, Reid allegedly agreed to assist, place, and advise certain trades through the other FINRA members website. In addition, Reid had allegedly failed to inform Morgan Stanley of his participation in the account which eventually lost approximately 90% of its value.
FINRA Rule 3280 prohibits any person associated with a FINRA member from participating in any manner in a private securities transaction without first providing written notice to the member with which he is associated describing in detail the proposed transaction and the person’s proposed role therein. Violations of FINRA Rule 3280 are also violations of FINRA Rule 2010.
Do you need a New Jersey FINRA Securities Arbitration Attorney?
Are you a New Jersey investor who has suffered significant losses in your stock brokerage and investment accounts? Did your New Jersey stockbroker or investment advisor misrepresent facts, fail to disclose facts making the statements made false and misleading, recommend unsuitable investments or strategies, excessively trade or churn, mismanage your investment account or engage in other kinds of stockbroker misconduct? If so, you need representation by an experienced, highly-rated and nationally recognized FINRA securities arbitration attorney—a lawyer who knows FINRA rules and procedures inside and out and how to handle these FINRA arbitration cases as well as other complex legal issues.
Free Initial Consultation With Experienced FINRA Securities Arbitration Attorneys Serving New Jersey Residents In FINRA Arbitration Proceedings
At The Law Offices of Robert Wayne Pearce, P.A. we represent investors in all kinds of securities, commodities and investment law disputes in FINRA, AAA and JAMS arbitration and mediation proceedings. Attorney Pearce and his staff represent investors throughout New Jersey, and across the United States on a CONTINGENCY FEE basis which means you pay nothing – NO FEES-NO COSTS – unless we put money in your pocket after receiving a settlement or FINRA arbitration award.
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For dedicated representation by Attorney Pearce with over 40 years of experience and success in all kinds of securities, commodities and investment law disputes serving New Jersey citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.