Money Concepts Capital Corp (Money Concepts) advisor Ray Reese (Reese) has been subject to at least three customer complaints. According to a BrokerCheck report many of the customer complaints concern variable annuities or alternative investments and direct participation products (DPPs) such as non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and equipment leasing programs. The attorneys at Gana Weinstein LLP have extensive experience handling investor losses caused by these types of products.
In May 2018 a client alleged that Reese misrepresented the product as they were not informed it was not publicly traded and therefore illiquid. The client alleged damages of $75,000 and the complaint was denied by the firm.
In May 2018 another client filed a dispute alleging unsuitability, negligence, breach of contract, and breaches of Missouri statutes in connection with the loss of assets they deposited for a whole life insurance policy. The claim is currently pending and seeks $650,000 in damages.