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Gary Reed Feldman Fined &Suspended for Improperly Soliciting Investments

FINRA suspended broker Gary Reed Feldman and fined him $25,000 for soliciting investments in violation of federal law and making misleading statements.

FINRA Case #20110278747401 (http://disciplinaryactions.finra.org/viewdocument.aspx?DocNB=32759)

According to the findings, in April 2011 and once again in May, while associated with Oberon Securities, Feldman sent a mass e-mail to 29,457 individuals in which he attempted to solicit interest in a "special purpose vehicle established to acquire pre-IPO shares of Facebook."

The findings state Feldman did not know many of 29,457 individuals he e-mailed.

As such, FINRA determined Feldman's e-mails constituted general solicitation, which is a violation of the 1933 Securities Act which prohibits such conduct.

Furthermore, the Authority found that Feldman had made materially misleading statements in these e-mails, resulting in the purchase of $125,000-worth of these vehicles.

FINRA specifically charged Feldman with failure to provide fair and balanced treatment of risks, failure to provide a sound basis for evaluation and making false, exaggerated, unwarranted or misleading statements.

If you have invested with Gary Reed Feldman or another broker who has solicited you without a preexisting business relationship or other basis for contact, or who has made false, inaccurate or misleading statements and this misconduct has proven harmful to you investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.

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The Law Offices of Jonathan W. Evans & Associates - California Securities Fraud Attorney
Located at 12711 Ventura Boulevard, Suite #440 Studio City, CA 91604. View Map
Phone: (800) 699-1881 | Local Phone: (818) 760-9880.
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