Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker, Jared Matthew Reinstein (CRD # 5411470) was recently suspended from the securities industry by FINRA’s Department of Enforcement after an investigation into unauthorized transactions in customer accounts.
The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. Reinstein.
Registration Background for Jared Reinstein
Mr. Reinstein first became registered in the securities industry in 2008. He was most recently registered with Clifton Park, NY based Citizens Securities, Inc. (CRD # 39550) from August 2019 to April 2021. His prior registrations include LPL Financial, LLC (CRD # 6413) from June 2013 to March 2019, and Wells Fargo Advisors, LLC (CRD # 19616) from June 2012 to June 2013.
FINRA’s Allegations Against Jared Reinstein
According to FINRA Letter of Acceptance, Waiver and Consent (AWC) dated April 12, 2021, Mr. Reinstein consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “On September 4, 2018 and January 30, 2019, while associated with LPL Financial, [Mr.] Reinstein violated FINRA Rule 2010 by effecting four securities transactions, totaling $3,429.65, in two customers’ accounts without authorization”;
- “On September 4, 2018, [Mr. Reinstein] sold two securities with a principal value of $1,929.10 in a customer’s account without obtaining the customer’s authorization”;
- “[Mr. Reinstein] effected the transactions to generate sufficient cash in the customer’s account to cover a required minimum distribution”;
- “Approximately three weeks later, on January 30, 2019, [Mr. Reinstein] purchased two securities with a principal value of $1,500.55 in a second customer’s account without obtaining the customer’s authorization”; and
- By virtue of his actions, Mr. Reinstein violated FINRA Rule 2010, regarding standards of commercial honor and principles of trade.
FINRA Suspends Jared Reinstein from Securities Industry
As a result of such violations and in addition to the above described findings and conclusions, FINRA’s April 12, 2021 AWC also indicates that Mr. Reinstein consented to the following sanction(s):
- A one-month suspension from association with any FINRA member in all capacities; and
- A fine in the amount of $5,000.00
Jared Reinstein Has No History of Securities Industry Customer Complaints
In addition to Jared Reinstein being suspended by FINRA from the securities industry regarding unauthorized trading, FINRA BrokerCheck for Mr. Reinstein reveals that he has no history of customer complaints and/or customer initiated arbitrations.
If you or someone you know has or had a brokerage account with Jared Matthew Reinstein and have concerns regarding losses in your investments or possible sales practice violations including fraud, you may be entitled to recover lost funds. The Law Office of Kevin J. Deloatch, Esq. has an extensive securities law practice and over 30 years of experience on Wall Street. Call today at (646) 792-2156 for a free consultation. The time to file your claim may be limited so you should call today to avoid delay.