October 22, 2021 Comments Off on First Allied Broker Michael Reither Barred from the Securities Industry  Blog, Current Investigations

First Allied Broker Michael Reither Barred from the Securities Industry 

First Allied Broker Michael Reither Barred from the Securities Industry 

Missouri Bars Advisor Michael Reither after Allegations of “dishonest or unethical conduct” 

According to the Financial Industry Regulatory Authority, the state of Missouri sanctioned Michael Earl Reither (CRD # 853363) while affiliated with First Allied Securities, Inc. for purportedly engaging in “dishonest or unethical conduct.” 

Between October 31, 2014, and May 16, 2018, Reither allegedly failed to obtain approval from First Allied, before entering into an arrangement to borrow money from a client, and allegedly failed to provide prior written notice to the firm for an Outside Business Activity. 

According to his broker record, Michael Reither was affiliated with the following firms during his career in the securities industry. 

12/15/2017 – 03/09/2018, DOMINION INVESTOR SERVICES, INC. (CRD#:21548), HORSESHOE BAY, TX
05/30/2008 – 12/07/2017, FIRST ALLIED SECURITIES, INC. (CRD#:32444), ST. LOUIS, MO
03/02/1992 – 05/30/2008, FFP SECURITIES, INC. (CRD#:16337), ST. LOUIS, MO  

His broker report further indicates First Allied dismissed Reither in 2017 after the above allegations. He reportedly has one customer complaint, according to his FINRA BrokerCheck report. He has one Other Business Activity listed as “Investment Concepts – DBA.” 

Recovery of Investment Losses 

 The White Law Group is investigating the liability that Reither’s former employer may have for failure to monitor his activities. 

Brokerage firms are required to adequately supervise their advisors. They must ensure they are complying with FINRA rules.  

When brokers abuse client accounts and conduct transactions that violate securities laws, such as unauthorized or excessive trading, the brokerage firm they are working with may be liable for investment losses. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.  

The brokerage firms can be held responsible for any losses in a FINRA arbitration claim if it is determined that they failed to properly supervise their agent. 

 If you have suffered losses investing with Michael Reither, the securities attorneys at The White Law Group may be able to help you. For a free consultation with a securities attorney, please call (888) 637-5510. 

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Seattle, Washington. For more information, please visit our website, www.whitesecuritieslaw.com. 

 

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