Broker Investigation: Iain P. Reilly

Iain P. Reilly (CRD#: 2197881) is a registered broker and investment advisor based in San Diego, California. Currently, Mr. Reilly is employed as a securities representative at Cetera Advisors LLC.

Previously, this broker was employed at Centara Capital Securities, Inc. (2005-2010) and Multi-Financial Securities Corporation (1999-2005). According to FINRA, Ian P. Reilly has two disclosures on his Brokercheck record.

FINRA Complaint: Ian P. Reilly

On March 24th, 2017, the Financial Industry Regulatory Authority (FINRA) filed a complaint against Ian P. Reilly (Disciplinary Proceeding No. 2016051009401). The relevant time period, in this case, runs from the Summer of 2013 through the Summer of 2016. During this time, FINRA alleges that Mr. Reilly called insurance companies and impersonated two of his clients. These clients held indexed annuities through the insurance companies. According to investigators, this occurred on at least four separate occasions.

This conduct is a violation of FINRA Rule 2010, which requires all registered securities representatives to uphold high standards of commercial honor and just principles of trade. In addition, this type of conduct (impersonating a client) is a serious breach of client trust. Investors are forced to rely on their brokers. They need to know that they can place their faith in brokers and brokerage firms to treat them fairly and honestly at all times. Without admitting or denying any of the allegations, Ian P. Reilly consented to FINRA’s proposed penalties, including:

• A 30-day suspension from the securities industry; and
• A $5,000 civil fine.

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