Public records published by the Financial Industry Regulatory Authority (FINRA) and accessed on April 11, 2018 indicate that former California-based Allstate Financial Services broker/adviser David Reynolds has been sanctioned by FINRA in connection to alleged rule violations and barred from acting as a broker or otherwise associating with a broker-dealer firm. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Reynolds (CRD# 4685302).
David Reynolds has spent ten years in the securities industry and was most recently registered with Allstate Financial Services in Modesto, California (2016-2017). Previous registrations include Princor Financial Services Corporation in Modesto, California (2008-2015); Merrill Lynch in Modesto, California (2008); and E*Trade Securities in New York, New York (2003-2004). He has passed three securities industry examinations: Series 66 (Uniform Combined State Law Examination), which he obtained on April 21, 2008; Series 63 (Uniform Securities Agent State Law Examination), which he obtained on March 25, 2008; and Series 7 (General Securities Representative Examination), which he obtained on January 8, 2008. He is currently not registered with any state or firm.
According to his BrokerCheck report, he has received one FINRA sanction and two customer complaints, and he was recently discharged from his former employer in connection to alleged rule violations.
In January 2018 a customer alleged David Reynolds, while employed at Principal Securities, did not return monies which he was given for an investment. The complaint settled for more than $66,600.
In November 2017 FINRA sanctioned him in connection to allegations he refused to produce requested documents and information in connection with a FINRA review of allegations he misappropriated funds. He was consequently barred from acting as a broker or otherwise associating with a broker-dealer firm.
In November 2017 a customer alleged David Reynolds, while employed at Allstate Financial Services, did not return monies which she gave him to invest. The complaint settled for $250,000.
In October 2017 he was terminated from his position at Allstate Financial Services during the firm’s investigation of alleged funds misappropriation at a prior broker-dealer; his disclosure form notes that he “submitted [his] resignation” during the investigation, which he allegedly failed to respond to.
If you or someone you know has lost money investing with David Reynolds, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup your losses. Fitapelli Kurta accepts all cases on a contingency basis: we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.