Brian Reilly Resigns from Equity Services After Consenting to FINRA Suspension

Brian Reilly (CRD #: 1175190), a broker formerly registered with Equity Services, resigned from that firm following allegations of misconduct, according to his BrokerCheck record, accessed on June 12, 2023. Keep reading if you want to know more about his alleged conduct as a broker.

Resignation from Equity Services

On May 31, 2023, Brian Reilly was permitted to resign from Equity Services following his suspension by FINRA and allegations that he impersonated a client on a phone call to a financial services company while employed by another firm.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

FINRA Suspension

On May 18, 2023, Brian Reilly consented to the entry of findings that he allegedly misrepresented his identity during a phone call to a financial services company.

According to a Letter of Acceptance, Waiver & Consent (AWC), Brian Reilly allegedly placed three phone calls to a client’s annuity providing on August 24, 2021. The client had allegedly requested to surrender her variable annuity, and these phone calls were for the purpose of requesting a blank annuity surrender form.

The first of these calls allegedly involved Brian Reilly, the client, and the annuity provider. However, they were allegedly unable to reach the correct department to request the form.

Later that day, Brian Reilly allegedly made another call to the annuity provider where he identified himself as the client and provided personal information including the client’s social security number and account beneficiary information.

The AWC alleged that he requested the form to be emailed to the client’s email address but the annuity provider ended the call and did not send the form. Brian Reilly allegedly then made a final call with the client and annuity provider, again requesting the form.

Following this call, the annuity provider allegedly alerted MML Investors Services that Brian Reilly had misrepresented himself as the client during the second phone call. Brian Reilly allegedly denied this during an internal review by the firm.

The AWC concluded that these allegations constitute violations of FINRA Rule 2010.

Sanctions

Brian Reilly consented to the following sanctions:

• $5,000 fine
• 20 calendar-day suspension

His suspension will begin on June 20, 2023, and will end on July 9, 2023.

You can read the full AWC here.

Resignation from MML Investors Services

On September 24, 2021, Brian Reilly was permitted to resign from MML Investors Services after allegedly providing false and misleading information during an internal review.

Background Information

Brian Reilly has passed the following exams:

• Series 63 – Uniform Securities Agent State Law Examination
• Series 65 – Uniform Investment Adviser Law Examination
• SIE – Securities Industry Essentials Examination
• Series 3 – National Commodity Futures Examination
• Series 7 – General Securities Representative Examination
• Series 24 – General Securities Principal Examination

He previously worked for the following firms:

• Equity Services (CRD#:265)
• MML Investors Services (CRD#:10409)
• Pruco Securities (CRD#:5685)
• Morgan Stanley (CRD#:149777)
• Cetera Investment Services (CRD#:15340)
• Tullett Prebon Financial Services (CRD#:28196)
• MF Global (CRD#:6731)
• BNP Paribas Securities (CRD#:15794)
• LIT America (CRD#:22381)
• Thomson McKinnon Securities (CRD#:829)

Kurta Law Can Help

If you worked with Brian Reilly and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.