Advisor Alert: Our Attorneys Are Investigating Marc Augustus Reda For Investment Fraud

Chetan Patil on January 17, 2024

Did You Lose Money Because of Marc Reda?

Filed: January 16, 2024

Marc Reda currently has one (1) pending financial event and one (1) pending judgment/lien event. Overall, he has been the subject of three (3) regulatory events, one (1) criminal event, eighteen (18) customer complaints, two (2) termination events, one (1) financial event, and one (1) judgment/lien event. As an investor, you may be entitled to compensation for losses accrued due to mismanagement of your investments.

Let’s begin our Patil Law Advisor Alert with a summary report on Marc Augustus Reda.

Who Is Marc Augustus Reda?

  • Advisor Name: Marc Augustus Reda
  • Aliases: Marc A Reda
  • CRD: 2757330
  • Location: New York, New York
  • Current Employer: No Longer Allowed to Practice in the Securities Industry
  • Previous Firms: Spartan Capital Securities, LLC, First Standard Financial Company LLC, PHX Financial, Inc.
  • Number of Known Customer Complaints: 18
  • Number of Known Regulatory Events: 3
  • Number of Known Criminal Events: 1
  • Number of Known Termination Events: 2
  • Number of Known Financial Events: 1
  • Number of Known Judgment/Lien Events: 1
  • Can Marc Reda Be Sued: Yes, in Private Arbitration
  • Can Marc Reda’s Employers Be Sued For Failing to Supervise Actions: Yes, in Private Arbitration
  • Highest Damages Allegation: $580,000
  • Highest Settlement: $120,000

If you have suffered investment losses by Marc Reda, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining an investment fraud lawyer. Reach out to the legal team at Patil Law, P.C. via the secure online form or call the firm directly toll-free at 1-800-950-6553.

Customer Complaints Filed Against Marc Reda For Broker Misconduct

As of this publication date, Marc Reda has been the subject of 3 regulatory events, 18 customer disputes, 1 criminal event, 2 termination events, 1 financial event, and 1 judgment/lien event. Let’s review them below.

In June 2021, FINRA initiated a regulatory action against or in reference to Marc Reda for allegedly willfully violating Section 10(b) of the Securities Exchange Act of 1934 and Exchange Act Rule 10b-5 and violated FINRA Rule 2020 by churning in customer accounts.

In June 2021, FINRA initiated a regulatory action against or in reference to Marc Reda for allegedly willfully violating Section 10(b) of the Securities Exchange Act of 1934 and Exchange Act Rule 10b-5 and violated FINRA Rule 2020 by churning in customer accounts.

In January 2020, a FINRA arbitration was filed against or in reference to Marc Reda by a customer of Spartan Capital Securities, LLC alleging misrepresentation and unsuitable recommendations. Per the customer, he/she lost over $72,026 because of Mr. Reda’s actions. On January 28, 2020, Mr. Reda settled the claim for $5,700, and some or all of this amount may have been paid by Mr. Reda’s employer and/or insurance carrier.

In October 2019, a complaint was filed against or in reference to Marc Reda by a customer of Spartan Capital Securities, LLC alleging unauthorized trades. Per the customer, he/she lost over $11,586 because of Mr. Reda’s actions.

In February 2019, a complaint was filed against or in reference to Marc Reda by a customer of Spartan Capital Securities, LLC alleging problems in performance. Per the customer, he/she lost over $37,600 because of Mr. Reda’s actions.

In February 2019, a complaint was filed against or in reference to Marc Reda by a customer of Spartan Capital Securities, LLC alleging that the client never wanted to open an account and trade. Per the customer, he/she lost over $100,000 because of Mr. Reda’s actions.

In February 2019, a complaint was filed against or in reference to Marc Reda by a customer of Spartan Capital Securities, LLC alleging that the client was not told of the margin call. Per the customer, he/she lost over $34,982 because of Mr. Reda’s actions.

In December 2018, a FINRA arbitration was filed against or in reference to Marc Reda by a customer of Spartan Capital Securities, LLC alleging unauthorized trading and churning. Per the customer, he/she lost over $16,020 because of Mr. Reda’s actions. An arbitration panel found that Marc Reda was negligent and awarded $16,020 in favor of the customers.

In September 2018, a complaint was filed against or in reference to Marc Reda by a customer of Spartan Capital Securities, LLC alleging unauthorized trading for one transaction. Per the customer, he/she lost over $54,100 because of Mr. Reda’s actions.

In December 2017, Mr. Reda filed for bankruptcy at the US Bankruptcy Court.

In July 2017, a complaint was filed against or in reference to Marc Reda by a customer of PHX Financial Inc. alleging inappropriate management of the client’s account while charging excessive commissions. Per the customer, he/she lost over $74,232.60 because of Mr. Reda’s actions. On August 31, 2017, Mr. Reda settled the claim for $45,000, and some or all of this amount may have been paid by Mr. Reda’s employer and/or insurance carrier.

In June 2017, FINRA initiated a regulatory action against or in reference to Marc Reda for not admitting or denying the findings of exercising discretion in customers’ accounts without written authorization from the customers and without having obtained his member firm’s approval to treat those accounts as discretionary.

In March 2017, a complaint was filed against or in reference to Marc Reda by a customer of Spartan Capital Securities, LLC alleging unauthorized trades. Per the customer, he/she lost over $165,819 because of Mr. Reda’s actions.

In June 2016, a FINRA arbitration was filed against or in reference to Marc Reda by a customer of PHX Financial Inc. alleging breach of fiduciary duty and unsuitable recommendations. Per the customer, he/she lost over $100,000 because of Mr. Reda’s actions. On July 13, 2016, Mr. Reda settled the claim for $26,000, and some or all of this amount may have been paid by Mr. Reda’s employer and/or insurance carrier.

In April 2016, a complaint was filed against or in reference to Marc Reda by a customer of PHX Financial Inc. alleging unauthorized trading and breach of fiduciary duty. Per the customer, he/she lost over $580,000 because of Mr. Reda’s actions. On May 23, 2016, Mr. Reda settled the claim for $85,000, and some or all of this amount may have been paid by Mr. Reda’s employer and/or insurance carrier.

In March 2016, a complaint was filed against or in reference to Marc Reda by a customer of Phoenix Financial Services alleging that Mr. Reda did not place two stop loss orders as agreed on 10/08/2015 and 11/12/2015 resulting in losses. Per the customer, he/she lost over $31,250 because of Mr. Reda’s actions. On April 5, 2016, Mr. Reda settled the claim for $14,800, and some or all of this amount may have been paid by Mr. Reda’s employer and/or insurance carrier.

In March 2016, a complaint was filed against or in reference to Marc Reda by a customer of Phoenix Financial Services alleging failure to follow instructions, unauthorized trades, poor communication and over concentration of investments in the client’s accounts. On June 6, 2016, Mr. Reda settled the claim for $112,500, and some or all of this amount may have been paid by Mr. Reda’s employer and/or insurance carrier.

In January 2016, a complaint was filed against or in reference to Marc Reda by a customer of Phoenix Financial Services alleging that certain transactions executed shortly after opening the client’s account on April 30th of 2015 were unauthorized. Per the customer, she lost over $400,000 because of Mr. Reda’s actions. On February 9, 2016, Mr. Reda settled the claim for $120,000, and some or all of this amount may have been paid by Mr. Reda’s employer and/or insurance carrier.

In January 2016, PHX Financial, Inc. terminated Marc Reda for violating the firm cell phone policy.

In August 2015, a complaint was filed against or in reference to Marc Reda by a customer of PHX Financial Inc. alleging trading without authorization.

In July 2015, a complaint was filed against or in reference to Marc Reda by a customer of PHX Financial Inc. alleging that the client did not authorize the purchase of ALRM which were purchased in two blocks of 5000 shares on July 24th and July 27th of 2015.

In November 2011, Marc Reda was the subject of a civil judgment or lien in the amount of $575,101.40. In general, judgment liens are court rulings that give a creditor the right to take possession of a debtor’s property when the debtor has failed to fulfill his or her contractual obligations. Sometimes, these types of disclosures reflect IRS judgments, tax liens, and/or civil judgments against a financial advisor.

In March 2004, a complaint was filed against or in reference to Marc Reda by a customer of Clark Street Capital alleging unauthorized sale of Penn Octane Shares. Per the customer, he/she lost over $14,000 because of Mr. Reda’s actions. On June 18, 2004, Mr. Reda settled the claim for $14,000, and some or all of this amount may have been paid by Mr. Reda’s employer and/or insurance carrier.

In October 2001, InvestPrivate terminated Marc Reda for a customer statement alleging Mr. Reda had a standing order to sell to limit loss.

In February 2001, felony charges were pressed against Marc Reda in Superior Court of NJ Union County.  Mr. Reda was charged with poss. of steroids; poss. of marijuana; intent to distribute steroids; intent to distribute in the school district.

In January 2000, a complaint was filed against or in reference to Marc Reda by a customer of Dalton Kent Securities Group, Inc. alleging that Mr. Reda sold a security in the client’s account and purchased another security without authorization. Per the customer, he/she lost over $13,487.31 because of Mr. Reda’s actions. On February 1, 2001, Mr. Reda settled the claim for $13,487.31.

How To File A Claim Against Marc Reda (previously with Spartan Capital Securities, LLC, First Standard Financial Company LLC, PHX Financial, Inc.) To Get Your Money Back

If you have questions about Marc Reda, Spartan Capital Securities, LLC, First Standard Financial Company LLC, PHX Financial, Inc., or the management or performance of your accounts, please contact Attorney Patil for a free initial consultation via email or toll free at 1-800-950-6553.