Customer Complaints Pile up for Money Concepts Rep Ray Reese

by Admin Istrator | November 9, 2021 8:15 pm

Customer Complaints Pile up for Money Concepts Rep Ray Reese

Ray Reese (CRD# 1694620[1]), a broker at Money Concepts Capital Corp., is the recipient of pending customer complaints, according to Financial Industry Regulatory Authority (FINRA) records accessed on November 2, 2021. The broker and investment adviser is currently based in Farmington, Missouri. If you have complaints regarding Mr. Reese, call MDF Law at 800-767-8040 for a free consultation to discuss your recovery options.

Complaints Regarding GPB Ponzi Scheme

Two pending customer complaints against Ray Reese concern his conduct as a representative of Money Concepts Capital Corporation. Filed in 2020 and 2021, they allege that he recommended unsuitable investments, made misrepresentations and omissions of material facts, and breached his fiduciary duty. One complaint concerns investments in real estate securities; the other involves investments in variable annuities and GPB Capital[2], an alleged Ponzi scheme. The complaints seek a total of $490,000 in damages.

A third customer complaint against Mr. Reese was filed in 2020. The complainant alleges that while affiliated with Money Concepts Capital Corporation, Mr. Reese incorrectly set up her father’s IRA, resulting in a tax liability and losses of potential income. The complainant is seeking $200,000 in damages in the pending complaint.

Money Concepts Capital Corp. Settled Earlier Customer Complaints Involving Ray Reese

In 2015 a customer alleged that Ray Reese, while employed at MCCC, recommended unsuitable investments based on incorrect information on a new account form. The complaint settled in 2016 for $95,000. In 1999 a customer alleged that while affiliated with Prudential Securities, Mr. Reese misrepresented material facts regarding a variable annuity investment. The complaint settled for more than $7,600.

In a “Broker Statement” on this disclosure, Mr. Reese said he “did not misrepresent this client in any way” and suggested Prudential was “anxious to settle these matters as a result of the remediation plan that they are a part of.”

Ray Reese Is Currently Based in Farmington, Missouri

Ray Reese has spent 32 years in the securities industry and has been registered with Money Concepts Capital Corporation in Farmington, Missouri since 1997. His previous registrations include the Prudential Insurance Company of America in Newark, New Jersey (1989-1993); Pruco Securities Corporation in Newark, New Jersey (1989-1997); Hibbard Brown & Company (1988); and Sherwood Capital (1987-1988). He has passed three securities industry examinations: Series 63 (Uniform Securities Agent State Law Examination), obtained on July 31, 1987; SIE (Securities Industry Essentials Examination), obtained on October 1, 2018; and Series 7 (General Securities Representative Examination), obtained on August 15, 1987. He holds securities licenses in Alabama, Arizona, Arkansas, Florida, Georgia, Illinois, Indiana, Kansas, Missouri, Nebraska, Oklahoma, and Oregon.

Did You Lose Money Investing with Ray Reese?

Endnotes:
  1. 1694620: https://brokercheck.finra.org/individual/summary/1694620
  2. GPB Capital: https://mdf-law.com/gpb-ponzi-scheme/

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