Last Updated: October 2024 (Charlotte, North Carolina)
David Anthony Reo Financial Advisor Fraud Alert
National securities fraud lawyers Patil Law P.C. are investigating broker David Anthony Reo (CRD #2113425), who is currently employed at Innovation Partners LLC in Charlotte, North Carolina. He has been involved in multiple customer disputes and has been discharged from prior employers due to allegations of policy violations.
David Anthony Reo (CRD #2113425) is a financial advisor with over three decades of experience, currently working at Innovation Partners LLC in Charlotte, North Carolina. However, his career has been marred by multiple customer disputes involving allegations of unsuitable investment recommendations and breaches of fiduciary duty, leading to significant settlements. Below, we provide further details on his professional background and the customer complaints that may raise concerns for potential investors.
Critical insights about Charlotte NC stockbroker David Anthony Reo:
- Advisor Name: David Anthony Reo
- CRD: 2113425
- Location: Charlotte, North Carolina
- Current Employer: Innovation Partners LLC
- Classification: Stockbroker + Financial Advisor
- Primary Location: Charlotte, NC
- Can David Anthony Reo be sued in private FINRA arbitration: Yes
- Has Mr. Reo been barred by FINRA: No
- Highest Damages Allegation: $350,000
- Highest Settlement: $75,000
- Pending Customer Dispute: No
If you have suffered investment losses by David Anthony Reo, we strongly encourage you to exercise your rights to experienced legal representation. Recover what is owed to you by retaining a breach of fiduciary duty 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 (800) 950-6553.
Lost Money With Stockbroker David Anthony Reo?
In a customer dispute filed on September 14, 2022, a client of Innovation Partners LLC alleged unsuitable investment recommendations involving corporate debt, municipal bonds, and limited partnerships (LPs). The client sought $350,000 in damages. The case was settled for $75,000 on May 23, 2023, with Reo personally contributing $40,000 (FINRA Docket #22-02069).
In a separate case, a complaint from February 27, 2003 involved allegations of unsuitable private placement investments, leading to a $17,000 settlement on February 24, 2004 (NASD ARB #03-00971).
Allegations of Broker Misconduct Against David Anthony Reo
Customers of David Anthony Reo have alleged the following misconduct in connection with his handling of their accounts:
- Unsuitable Investment Recommendations: Reo has been accused of recommending investments, such as bonds and limited partnerships, that did not align with his clients’ financial objectives.
- Breach of Fiduciary Duty: In past disputes, Reo was alleged to have violated industry standards and client trust, leading to customer losses.
Brokers and their firms are required to comply with FINRA Rule 2111, which mandates that investment recommendations be suitable for the customer’s financial situation. The allegations against Reo suggest possible violations of this rule, contributing to customer complaints and financial settlements.
FINRA Rule 2111, the Suitability Rule, requires brokers to have a reasonable basis to believe that a recommended transaction or investment strategy is suitable for the customer, based on the customer’s financial situation, needs, and investment profile. This rule covers the three key obligations: reasonable-basis suitability (the recommendation must be suitable for at least some investors), customer-specific suitability (the recommendation must be appropriate for that particular customer), and quantitative suitability (ensuring that the number of recommended transactions is not excessive). Related rules include FINRA Rule 2090, the Know Your Customer Rule, which mandates that brokers understand their clients’ investment profiles to provide suitable advice.
Broker Experience Summary
David Anthony Reo (CRD #2113425) has a lengthy career in the financial industry, currently employed with Innovation Partners LLC in Charlotte, North Carolina, since March 2014. He has worked for several firms throughout his career, including Moloney Securities and Tucker Anthony Incorporated, and has been active in the industry since 1991. Reo holds various state licenses and has passed multiple industry exams, including the Series 7 – General Securities Representative Exam and the Series 63 – Uniform Securities Agent State Law Exam, which enable him to advise clients across different states.
Reo is currently licensed to operate in 12 U.S. states, including North Carolina, South Carolina, Georgia, and Texas. His experience spans over 30 years, with responsibilities ranging from securities brokerage to advisory roles. While Reo has built a diverse career, his record includes several customer disputes that have resulted in settlements.
Negative Disclosures and Customer Disputes
David Anthony Reo has been involved in two customer disputes, one of which led to a settlement:
- Settlement (2023): A customer filed a complaint on September 14, 2022, alleging unsuitable investment recommendations involving corporate debt, municipal bonds, and limited partnerships. The client sought $350,000 in damages, and the case was settled for $75,000 on May 23, 2023, with Reo contributing $40,000 to the settlement (FINRA Docket #22-02069).
- Settlement (2004): Another case from February 27, 2003, involved allegations of unsuitable private placement investments. The dispute resulted in a $17,000 settlement on February 24, 2004 (NASD ARB #03-00971).
There are no other reported regulatory actions, terminations, or financial disclosures such as tax liens.
Allegations and Accusations
David Anthony Reo has faced allegations in customer disputes, which include:
- Unsuitable Investment Recommendations: Reo has been accused of recommending investment products such as corporate debt, municipal bonds, and limited partnerships that did not match his clients’ financial goals or risk tolerance.
- Breach of Fiduciary Duty: Reo has also faced claims of breaching fiduciary duty by not acting in the best interest of his clients, leading to customer losses.
These allegations have resulted in settlements, but no formal regulatory actions or terminations have been reported against Reo.
Patil Law P.C. Will Help You Recover Your Investment Losses
If you have suffered investment losses in an account handled by David Anthony Reo or have a question about the performance of your account, please contact Attorney Patil online or (800) 950-6553 for a free initial consultation.
Our cases are handled on a contingency basis. We don’t get paid unless we win for you.
