I found this when I Googled Andrew V. Reid..
Andrew Reid Municipal Bond Case . Represented claimant in NASD customer claim of securities fraud, unsuitable trading and investing, churning, and breach of fiduciary duty; broker used forged account transfers in taking a portfolio of millions of dollars in investment grade municipal bonds and degrading it into a portfolio consisting of obscure and speculative “junk.” After an eight-day final hearing, an NASD arbitration panel awarded more than 100% of the claimant’s out of pocket losses against respondent Corporate Securities Group, Inc. (n/k/a Wachovia Securities Financial Network). Three other respondent firms settled for confidential amounts.
http://www.bizlawhouston.com/investment-broker-fraud/
History of fraud
Micro-cap stocks, or companies with fewer than 500 investors and $10 million in assets like Orpheum Property, don't have to make filings with the U.S. Securities and Exchange Commission. No filings have been made about the Orpheum merger or name change.
The SEC notes that many micro-cap stocks are legitimate businesses, "but the lack of reliable, readily available information about some microcap companies can open the door to fraud." Fraud perpetrators often pay promoters to tout their stock and issue news releases that are exaggerated or untrue, the SEC warns.
The Financial Industry Regulatory Authority's database indicates that Reid is no stranger to securities fraud.
In 2002, while working for Williams Financial Group in Dallas, Reid took a $10,090.58 check from a customer and deposited it in his own account rather than forwarding it to the firm. When Reid failed to respond, the National Association of Securities Dealers barred him from association with any member firm.
In 2004, Reid was accused of unsuitable trading and investing, fraud, negligence and violating state and federal securities regulations that caused $6 million in damage to investors. After arbitration, the case was settled in 2006 for $35,000.
In 2003, Reid's employer, Corporate Securities Group, filed a complaint alleging "unsuitable investment" in municipal bonds that caused more than $100,000 of damage. Arbitration is pending.
In 2001, while working for First Allied Securities in San Diego, Reid was accused of having an unexplained debit balance of $60,321.09. The case was settled for $290.
In 2001, GMS Group of New Jersey accused Reid, who worked for the firm, of making "unsuitable recommendations, misrepresentations and breach of contract in connection with their investments in certain high yield corporate debt and other securities" resulting in damages of $200,000. The case was settled in arbitration for $106,275.
http://www.nola.com/business/index.ssf/2010/1..._comp.html
And Ron Blackburn...
Ron Blackburn with Phoenix Associates Land Syndicate
is currently under suspicion of mail, wire and securities fraud. Ron (Ronald) Blackburn had apparently also sold stock to investors that appear to be outside of the guidelines set by the State and Federal Securities Regulation. At one point evidence suggests that Ron Blackburn stated he would correct these wrongs, however as time went by these fraudulent actions were never righted and eventually Ronald Blackburn had even ceased communication with these investors.
If you have been a victim of Ron Blackburn and dealings with Phoenix Associates Land Syndicate, please contact us with any information you might have.
