Erez Law is currently investigating Money Concepts Capital Corp. broker Ray Reese (CRD# 1694620) regarding variable annuity loses. Reese has been registered with Money Concepts Capital Corp. in Farmington, Missouri since 1997.
Reese has been the subject of five customer complaints between 1999 and 2020, one of which was denied and one was closed without action, according to his CRD report. The most recent complaint is regarding:
June 2020. “The client is alleging that she inherited her father’s IRA from his estate. She is alleging the account was not set up correctly causing a tax liability. Further, the client alleges she will lose the investment property at a rate of 8% which will cause an approximate $100,000 she could have earned over the years, if invested correctly, up to her retirement.” The customer is seeking $200,000 in damages and the case is currently pending. The complaint was regarding variable annuities.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Money Concepts Capital Corp. may be liable for investment or other losses suffered by Reese’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.