UNITED STATES SECURITIES AND EXCHANGE COMMISSION

On January 12, 2023, the U.S. District Court or the Southern District of New York issued this Complaint against Defendant Terrance Reagan and another individual. Plaintiff Securities and Exchange Commission, for its Complaint against defendants Terrance Reagan ("Reagan") and Nathaniel Clay ("Clay") (together, "Defendants"), alleges as follows: from November 2015 to January 2019, Reagan and Clay were registered representatives at a broker-dealer with branch offices in New York City and Long Island, New York ("Broker-Dealer A"). As registered representatives, Reagan and Clay each had an obligation to have a reasonable basis for the investment recommendations that they made to their customers. Yet, they each recommended to at least eight customers a pattern of high cost, in-and-out trading without any reasonable basis to believe that their recommendations were suitable for anyone. As a result of those recommendations, their customers suffered losses of over $739,000, more than $690,000 of which were from commissions and fees generated by the trading. Reagan and Clay each received approximately $150,898 in commissions. Reagan and Clay each violated the antifraud provisions of the federal securities laws because they knew or recklessly disregarded that their recommendations to their customers were unsuitable, and they further violated the antifraud provisions by making material misrepresentations and omissions to their customers in connection with their recommendations. After leaving Broker-Dealer A and joining Broker-Dealer B, one of Reagan's customers opened a new account at Broker-Dealer B with Reagan as registered representative. Reagan continued the same pattern of fraudulent, unsuitable trading recommendations with respect to that account. As a result, this customer realized additional losses of approximately $28,692.65, taking into account the approximately $48,564.89 the customer paid in commissions and fees, and Reagan realized approximately $24,000 in commission compensation for himself. By virtue of the conduct alleged herein, the Defendants, directly or indirectly, singly or in concert, violated and are otherwise liable for violations of Section 17(a) of the Securities Act of 1933 ("Securities Act"), Section 10(b) of the Securities Exchange Act of 1934 ("Exchange Act") and Rule 10b-5 thereunder.

NATIONAL SECURITIES CORP

Permitted to Resign

Registered representative is currently under investigation by firm relative to possible Reg S-P violations and/or the taking of proprietary property belonging to branch office, etc.

The disclosure by my prior firm is wholly without merit and was made solely for the purpose of retaliating against me because I voluntarily resigned to pursue a different business opportunity. I did not misappropriate any non-public customer information. I was not subject to any post-employment covenants preventing me from continuing my career elsewhere. The firm's actions were designed with the intent to put me at a competitive disadvantage as I begin my employment at my new employer.

EXCESSIVE TRADING

$42,000.00

$10,000.00

ORIGINAL CHARGE WAS 1COUNT GRAND LARCENY 155.30, 4TH DEGREE CLASS E FELONY,PLEAD GUILTY TO LESSER CHARGE

FELONY

ORIGINAL CHARGE DISMISSED 06/05/86 ; PLEAD GUILTY TO REDUCED CHARGE 240.25 A CLASS B MISDEMEANOR HARRASSMENT IN THE 1ST AND PAID A $100 FINE ON 06/05/86.

MY FRIEND ROB WINFIELD AND I TOOK HIS PARENTS TELEVISION SET. ROB WAS ARRESTED AND BLAMED IT ALL ON ME. THE EVENT WAS KNOCKED DOWN TO A DISORDERLY CONDUCT WITH A SMALL FINE.