FINRA barred David Lee Reynolds, formerly of Principal Securities, Inc. and Allstate Financial Services, both of Modesto, California, after he failed to cooperate with an investigation into allegations that he misappropriated customer funds while registered with Principal Securities aka Princor Financial Services Corporation.
According to the findings, FINRA's investigation into Reynolds (CRD #4685302) began after Allstate terminated his registration in October 2017 in the midst of an internal investigation of misappropriation of customer funds while Reynolds was affiliated with Princor. According to his BrokerCheck file, Reynolds had submitted his resignation during, failing to respond to, Allstate's investigation into misappropriation allegations.
FINRA's investigation concluded similarly, with the regulator receiving word from Reynolds' counsel that Reynolds would not produce the requested documents and information.
Reynolds' employment history indicates affiliation with Principal Life Insurance Co and Princor Financial Services Corp—where the misappropriation is alleged to have occurred—from 2008 through 2015, upon which Reynolds joined Allstate for a stint from January 2016 through October 2017.
The file also reflects an association with Blue Cross Anthem, which began in January 2016.
If you have invested with David Lee Reynolds or with any broker or financial adviser who has misappropriated, stolen, or otherwise harmfully converted your funds without authorization or consent to purchase securities or otherwise, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.