FINRA Bars Allstate Stockbroker For Obstruction
David Lee Reynolds, of Modesto, California, a stockbroker formerly employed with Allstate Financial Services, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity by consenting to findings that he failed to cooperate in an investigation into allegations that he misappropriated customer funds. Letter of Acceptance, Waiver and Consent, No. 2017055823701 (Nov. 29, 2017).
FINRA Public Disclosure reveals that Reynolds was fired on October 18, 2017, supported by accusations that he failed to respond to the firm’s inquiries into whether he misappropriated a former broker-dealer’s customer’s funds. The AWC stated Reynolds was sent a letter by FINRA on October 6, 2017, which sought that he provide information and documentation as referenced by Principal Securities – a firm that Reynolds was associated with between May 22, 2018 and December 31, 2015.
Evidently, Reynolds responded to FINRA staff on November 2, 2017, indicating that Reynolds was cognizant of FINRA’s request but would at no point be cooperating in the regulator’s investigation into his activities. Consequently, FINRA found that Reynolds’ conduct was violative of FINRA Rule 8210.
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