Reid is accused of participating in private securities transactions in a third-party’s account held away from his member firm.
The Sonn Law Group is investigating allegations that Christopher Reid engaged in outside trading. If you or a family member has suffered losses investing, we want to discuss your case. Please contact us today for a free review of your case.
Christopher Reid (CRD#: 2341418) was previously registered as a broker with Morgan Stanley from 2011 until 2018. He was allowed to voluntarily resign after allegations that he had access to and conducted transactions in, a former client’s account at a third-party financial institution.
Reid has one other disclosure on his BrokerCheck report.
August 2020 Regulatory Judgment
- Status: Final
- Initiated By: FINRA
- Allegations: Without admitting or denying the findings, Reid consented to the sanctions and to the entry of findings that he participated in private securities transactions in a third-party’s account held away from his member firm without providing written notice to, or otherwise informing the firm. The findings stated that FINRA began its investigation of Reid after receiving a Form U5 reporting that Reid voluntarily resigned while under internal review regarding transactions in a third-party’s account held at another brokerage firm. An individual attempted to open a firm brokerage account through Reid. The firm rejected the account. That person then opened a self-directed brokerage account with another FINRA member that he funded with a $100,000 deposit. Reid agreed to assist and place trades on behalf of the individual in the outside account. Later, Reid and the individual, either together or individually, placed approximately 200 equity and options trades. The account lost approximately 90 percent of its value. Reid was not compensated for, and did not have a beneficial interest in, the account. Reid participated in these securities transactions by advising the owner of the account on the trading strategy and by directly placing trades in the account through the other FINRA member’s website.
- Resolution: Acceptance, Waiver & Consent (AWC)
- Sanctions: Civil and Administrative Penalty(ies)/Fine(s)
- Amount: $5,000.00
- Sanctions: Suspension
- Registration Capacities Affected: All Capacities
- Duration: Four months
- Start Date: 8/17/2020
- End Date: 12/16/2020
Contact Us Today
The Sonn Law Group is currently investigating allegations that Christopher Reid engaged in outside trading. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.