Last Updated: November 2024 (New York, NY)
National securities fraud lawyers at Patil Law P.C. are investigating former Revere Securities broker Daniel Reilly (CRD #4752371) regarding a concerning pattern of customer complaints alleging unauthorized trading and mishandling of client accounts, culminating in termination from Morgan Stanley.
The investigation follows multiple settlements for unauthorized trading allegations and a 2018 termination for executing trades in a deceased client’s account.
Critical Insights About New York Financial Advisor Daniel Reilly
- Advisor Name: Daniel P. Reilly
- CRD: 4752371
- Location: New York, NY
- Last Employer: Revere Securities LLC (2018-2024)
- Classification: Not currently registered
- Previous Location: New York, NY
- Can Daniel Reilly be sued in FINRA arbitration: Yes
- Customer Disputes: Two settled complaints
- Employment Separation: Discharged from Morgan Stanley
- Bankruptcy Filing: Chapter 7 in 2019
- Total Settlements: Over $56,000
- Previous Employers: Morgan Stanley (2015-2018), Merrill Lynch (2011-2015)
- Professional Qualifications: Series 7, 65, 63 licenses
- Current Status: Not registered with any firm
- Bankruptcy Status: Discharged February 2019
Details of Misconduct
Key issues include:
- May 2018: Terminated by Morgan Stanley for executing trades in a deceased client’s account and misrepresenting them on trade adjustment forms
- July 2018: $40,000 settlement regarding unauthorized trading allegations
- January 2017: $16,727 settlement regarding unauthorized mutual fund trading
- October 2018: Filed for Chapter 7 bankruptcy
Analysis of Alleged Misconduct
The pattern of complaints reveals serious concerns:
- Unauthorized trading practices
- Misrepresentation on firm documents
- Account handling after client death
- Pattern of customer disputes
- Financial instability issues
- Multiple transitions between firms
Regulatory Framework and Investor Protection
SEC Regulation Best Interest
Reg BI requires brokers to:
- Obtain proper authorization for trades
- Maintain accurate records
- Provide truthful information to firm
- Act in clients’ best interests
- Follow proper account protocols
- Document trading authority
FINRA Rules and Their Significance
FINRA Rule 2010 mandates:
- High standards of commercial honor
- Just and equitable principles of trade
- Truthful communications with firm
- Accurate records maintenance
FINRA Rule 3260 requires:
- Written authorization for discretionary trading
- Proper documentation of trading authority
- Regular account review
- Compliance with firm policies
Professional Background
Mr. Reilly’s career shows concerning patterns:
- Multiple firm transitions
- Termination for misconduct
- Pattern of unauthorized trading complaints
- Personal financial difficulties
- Series of customer settlements
- Short tenures at firms
Red Flags for Investors
- Termination for unauthorized trading
- Multiple customer settlements
- Pattern of unauthorized activities
- Personal bankruptcy filing
- Multiple firm changes
- Misrepresentation to employer
- Trading in deceased client accounts
- History of customer disputes
- Financial instability
- Currently unregistered
Implications for Current and Former Clients
Current and former clients should:
- Review all account statements
- Verify trade authorizations
- Document unauthorized activities
- Examine account losses
- Check trading patterns
- Review fee structures
- Consider independent account review
- Understand their rights regarding unauthorized trading
- Verify current account status
- Review all communications
Patil Law P.C. Will Help You Recover Your Investment Losses
If you have suffered investment losses in an account handled by Mr. Reilly or have concerns about unauthorized trading in your account, please contact Attorney Patil online or call (800) 950-6553 for a free initial consultation. Our securities fraud attorneys work on a contingency fee basis, meaning we only get paid if we help you recover money.
