Missouri Securities Division Issues Order for Michael Reither to Show Cause Why Shouldn’t Pay Restitution for Unethical Conduct
Jefferson City, MO (STL.News) Missouri Secretary of State Jay Ashcroft’s Securities Division ordered Michael Reither, an investment adviser representative and broker-dealer agent previously associated with First Allied Securities, Inc., (FASI) to cease and desist and show cause why restitution of more than $46,000 should not be paid.
It is alleged that Reither, of Aurora, Colorado, engaged in dishonest and unethical conduct by borrowing money from a client – a Union, Missouri resident – and failed to provide prior written notice to his employer of Outside Business Activity (OBA) with the client. Reither has not repaid the loan from the Missouri resident.
The Enforcement Section seeks an Order from the Securities Commissioner for restitution of at least $46,839 plus interest, a civil penalty totaling $10,000, investigation costs and permanently barring Reither from acting as a broker-dealer agent or investment adviser representative.
“If you are asked to loan money to someone who assists you with your finances, contact the company directly, or just say no,” said David M. Minnick, Securities Commissioner. “You can also call our office and look online to find out if the person is registered or has any prior disciplinary history before investing with them. Please call the toll-free investor protection hotline at (800) 721-7996, or go online to http://www.missouriprotectsinvestors.com to file a complaint with our office.”