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Deposition of Daniel Reyes (Crestline branch manager)

Morales_Depo_Vol1.pdf · 142 pages · taken 2026-09-10

Overview

Daniel Reyes, manager of Crestline's Pasadena branch, testified about his supervision of the account executive on the Morales account, the firm's review of options trading in elderly customers' accounts, and the 2024 exception reports. He admitted the exception reports flagged the account three times and that no one contacted Mr. Morales.

Admissions, contradictions & key facts

47:3-48:11Admission: The exception report flagged the Morales account three times in 2024; he did not follow up with the customer.
61:15-62:4Contradiction: Said he reviewed every flagged account monthly, but earlier (33:20-34:2) said reviews happened 'when time allowed.'
88:9-17Key fact: Crestline had no written policy on options approval for customers over 75 until March 2025.

By topic

Background and role

8:2-11:20Branch manager since 2019; supervises 14 registered representatives.

Supervision of the account

33:20-34:2Reviewed flagged accounts 'when time allowed.'
47:3-48:11Account flagged three times in 2024; no customer contact.

Firm policies

88:9-17No written options-approval policy for customers over 75 until March 2025.

Page-line summary

Page:line	Testimony
8:2-11:20	Witness describes his background, licenses (Series 7, 9, 10, 24) and role as branch manager since 2019.
33:20-34:2	Says he reviewed flagged accounts 'when time allowed' given branch workload.
47:3-48:11	Shown Exhibit 12; agrees the exception report flagged the Morales account in February, May and August 2024; did not call the customer.
61:15-62:4	Testifies he reviewed every flagged account monthly.
88:9-17	Confirms the firm adopted a written options policy for customers over 75 in March 2025.

AI-generated. Check every cite against the transcript before relying on it.