Richard Foerster Reynolds (CRD #2162706, Melbourne, Florida)

August 22, 2024 – An AWC was issued in which Reynolds was assessed a deferred fine of $5,000, suspended from association with any FINRA member in all capacities for three months, and is ordered to pay $35,950, plus interest, in deferred restitution to a customer. Without admitting or denying the findings, Reynolds consented to the sanctions and to the entry of findings that he excessively and unsuitably traded the account of the senior customer. The findings stated that Reynolds recommended high frequency in-and-out trading to the customer, who had a medium risk tolerance, even when the price of his recommended securities did not materially change. The customer relied on Reynolds’ advice and routinely followed his recommendations. Reynolds recommended transactions in the customer’s account that generated total trading costs of $39,436, including $35,950 in commissions. The suspension is in effect from September 3, 2024, through December 2, 2024. (FINRA Case #2019060753509)   If you have suffered losses as a result of Richard Foerster Reynolds's act and/or actions, we would like to hear from you. We are currently investigating claims on behalf of clients who have suffered significant losses in their portfolios that are managed by Richard Foerster Reynolds. The Schwartz Law Firm represents investors in claims against financial advisors and their firms. If you have questions about your potential claim or need assistance from an investment fraud lawyer, please contact us at 866-618-0545 or email Matthew Schwartz directly at mschwartz@tslfirm.com.