Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Thomas Reyes (Reyes), previously associated with Next Financial Group, INC., has at least 2 disclosable events. These events include one customer complaint, one regulatory event, alleging that Reyes recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on June 24, 2024.
Without admitting or denying the findings, Reyes consented to the sanction and to the entry of findings that he refused to appear for on-the-record testimony requested by FINRA in connection with an investigation into the circumstances giving rise to Form U5 Amendments filed by his member firm. The findings stated that the first Form U5 Amendment disclosed an internal review concerning potential undisclosed OBAs by Reyes and a second amendment disclosed that the internal review concluded that Reyes sold annuities that were not on the firm’s approved product list away from the firm.