Did you lose money investing with Jorge Reyes (a/k/a George Reyes, Jorge Quiroz, George Quiroz) (CRD# 4256834)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Jorge Reyes (a/k/a George Reyes, Jorge Quiroz, George Quiroz). If you suffered losses investing with Jorge Reyes (a/k/a George Reyes, Jorge Quiroz, George Quiroz), then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
As of October 14, 2020, Jorge Reyes (a/k/a George Reyes, Jorge Quiroz, George Quiroz)’s FINRA BrokerCheck Report contains the following:
Disclosure Events
1 Customer Dispute(s)
1 Regulatory Event(s)
See FINRA Disciplinary Proceeding No. 2016051493704 Complaint
See FINRA Disciplinary Proceeding No. 2016051493704 OHO Decision
UPDATE 10/13/2020: According to FINRA’s February 2019 Disciplinary Actions: “Jorge A. Reyes (CRD #4256834, Miami, Florida) December 11, 2018 – Reyes was named a respondent in a FINRA complaint alleging that he willfully violated Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5, and violated FINRA Rule 2020 by making fraudulent misrepresentations and omissions of material fact in connection with the sale of unregistered Regulation D securities issued by companies affiliated with his member firm. The complaint alleges that Reyes represented that the investments were safe, when they were not. Reyes also failed to disclose that the offerings by two of the companies were self-offerings primarily intended to fund the failing firm and its parent company. Due to Reyes’s actions, 18 of the firm’s customers lost all of the money they invested in the offerings, totaling about $4,219,000, and did not receive all of the interest that was due to them pursuant to promissory notes issued in connection with the offerings. In the alternative, Reyes acted in contravention of Sections 17(a)(2) and 17(a)(3) of the Securities Act of 1933 by negligently engaging in fraudulent conduct in connection with the offerings. The complaint also alleges that Reyes made improper use of and converted funds totaling $170,000. Reyes falsely represented to an investor, who had opened an account at the firm in the name of his company, that he would use the investor’s funds to set up an offshore investment fund and fund the firm’s completion of an offshore investment banking transaction. Based on Reyes’s misrepresentations and instructions, the investor and his company transferred money to an account controlled by Reyes. Rather than using the funds as promised, Reyes used the funds for his own personal expenses and never returned the funds to the investor and his company. The complaint further alleges that Reyes did not perform adequate due diligence in connection with the offerings and therefore did not have a reasonable basis to believe that the securities he recommended as part of the offerings were suitable for any customers. In addition, the complaint alleges that Reyes made unsuitable recommendations to a customer who was a divorced homemaker with two dependent children whose objective was safe, stable income and capital preservation by recommending that she invest a total of $1,452,000 in the unregistered, illiquid and risky offerings. Moreover, the complaint alleges that Reyes created and provided to customers and potential customers marketing material for the offerings that contained misrepresentations, omitted material risks, and did not form a sound basis for evaluating the investments. (FINRA Case #2016051493704 Complaint and OHO Decision)
Current and Previous Registrations
03/09/2010 – 01/24/2017 CP CAPITAL SECURITIES (CRD#:15029) MIAMI, FL
FINRA expelled the firm on 07/31/2017
01/02/2007 – 06/22/2007 RBC CAPITAL MARKETS CORPORATION (CRD#:6579) AVENTURA, FL
05/04/2006 – 01/02/2007 CARLIN EQUITIES, LLC (CRD#:31295) AVENTURA, FL
08/23/2001 – 05/17/2006 CP CAPITAL SECURITIES (CRD#:15029) MIAMI, FL
FINRA expelled the firm on 07/31/2017
09/22/2000 – 10/18/2001 THE PARTNERS FINANCIAL GROUP, INC. (CRD#:31979) MIAMI, FL
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Due Diligence Requirement
FINRA requires broker’s to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokers and the brokerage firms they work for that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Request a Free Consultation with a Securities Attorney
If you suffered losses investing with Jorge Reyes (a/k/a George Reyes, Jorge Quiroz, George Quiroz) and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
This information is all publicly available and is being provided to you by Galvin Legal, PLLC.
Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.
