National investment loss lawyers KlaymanToskes is investigating broker Christopher Reynolds of Pruco Securities and WesBanco Securities (CRD #5976029).
According to FINRA BrokerCheck, broker Christopher Reynolds was barred from the securities industry in August 2024 due to allegations of forging customer signatures, making unsuitable investment recommendations, and using unapproved communication methods while employed at Pruco Securities.
Investors that suffered losses with broker Christopher Reynolds are encouraged to contact attorney Lawrence L. Klayman, Esq., at 888-997-9956 or by email at investigations@klaymantoskes.com to discuss recovery options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
Christopher Reynolds, a former financial advisor in Canonsburg, Pennsylvania, has been barred by the Financial Industry Regulatory Authority (FINRA). He was barred by FINRA for forging customer signatures on account documents and making unsuitable investment recommendations, resulting in significant financial penalties for the customers involved. Reynolds was registered with Pruco Securities from September 2021 to January 2023, and was also previously employed with WesBanco Securities from 2017 to March 2021.
According to FINRA’s investigation, Reynolds forged signatures on 11 account documents between September 2021 and January 2023. The findings also stated that Reynolds willfully violated Rule 15/-1 of the Securities Exchange Act of 1934 (Regulation BI or Reg Bl) by recommending that customers make annuity withdrawals or surrenders and reinvest the proceeds in a registered index-linked annuity without having a reasonable basis to believe those transactions were in his customers’ best interests.
As a result, Reynolds’ customers incurred penalties such as surrender charges, the imposition of new, lengthier surrender periods, and tax consequences. The tax consequences allegedly could have been avoided if Reynolds recommended 1035 exchanges, as opposed to recommending full withdrawals or surrenders and then moving the money into the new product.
Reynolds’ BrokerCheck record also shows that an investor filed a complaint in 2023, alleging that Reynolds did not fully disclose all the facts regarding an annuity replacement. The customer further alleged that a policy was surrendered which generated multiple taxable events. This complaint was settled in favor of the investor in June 2024 for $42,865.27.
As an investor, there are a few signs that you should look out for if you believe you may have a claim against broker Christopher Reynolds. These signs could potentially indicate misconduct, negligence, or investment fraud. Investors are encourage to contact our firm immediately if you have experienced any of the following:
Some investors have close relationships with their brokers due to the time and trust built over the course of their investment relationship. However, it is crucial to remember that financial decisions should be based on careful analysis and due diligence rather than solely relying on personal relationships.
Engaging the services of an experienced securities attorney to evaluate your specific circumstances is strongly advised. At KlaymanToskes, our team of experienced securities attorneys has a deep understanding of this complex area of law, allowing us to provide invaluable insight and tailored guidance that directly addresses your individual needs.
If you suffered losses with broker Christopher Reynolds, or have concerns regarding your investment portfolio at Pruco Securities, contact KlaymanToskes at 888-997-9956 or fill out a short contact form for a free and confidential consultation.