Quote: -------------------------------------------------------------------------------- The Financial Industry Regulatory Authority's database indicates that Reid is no stranger to securities fraud.
In 2002, while working for Williams Financial Group in Dallas, Reid took a $10,090.58 check from a customer and deposited it in his own account rather than forwarding it to the firm. When Reid failed to respond, the National Association of Securities Dealers barred him from association with any member firm.
In 2004, Reid was accused of unsuitable trading and investing, fraud, negligence and violating state and federal securities regulations that caused $6 million in damage to investors. After arbitration, the case was settled in 2006 for $35,000.
In 2003, Reid's employer, Corporate Securities Group, filed a complaint alleging "unsuitable investment" in municipal bonds that caused more than $100,000 of damage. Arbitration is pending.
In 2001, while working for First Allied Securities in San Diego, Reid was accused of having an unexplained debit balance of $60,321.09. The case was settled for $290.
In 2001, GMS Group of New Jersey accused Reid, who worked for the firm, of making "unsuitable recommendations, misrepresentations and breach of contract in connection with their investments in certain high yield corporate debt and other securities" resulting in damages of $200,000. The case was settled in arbitration for $106,275.
Rebecca Mowbray can be reached at rmowbray@timespicayune.com or 504.826.3417.
I concur Panther. Many times have posters brought up the past of A. Reid. The words " alledgedly " & " accused " appear quite often in the documents, but never a conviction or jail time. They just do not get it. Go Teco
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