Jason Reynolds, a broker with Independent Financial Group was fired following alleged FINRA rule violations. A former customer lodged a formal complaint alleging Reynold advertised without prior approval. This is a violation of FINRA rules.
According to disclosures on his Broker Check record, Reynold has settled two other customer complaints in his 15-year career. In 2009 a complaint alleged unauthorized trading and settled for almost $15,000.
A different customer complaint in 2010 alleged the broker made unsuitable trades. This complaint settled for more than $180,000.
Unauthorized trading and recommending unsuitable investments are both violations of FINRA rules. When a broker buys or sells securities without a customer’s knowledge or authorization, this is unauthorized trading. Unsuitable trading results when investments made by an advisor are inconsistent with the investor’s profile and objectives. Both practices put investors at greater risk of loss.
Following his termination, Reynolds did not register in any other states or with any other firms.
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