Wyoming congressional candidate Reid Rasner, who works as a financial advisor, was “discharged” from his broker clearinghouse company in late April on allegations that he “engaged in unapproved outside business activity,” federal filings say.
Reid Rasner is also running in a 10-candidate Republican primary race to win the party’s nomination toward Wyoming’s lone U.S. House seat. Last year he announced, and later suspended, intentions to buy the tech giant TikTok amid congressional efforts to transfer the Chinese-involved company into American hands.
Rasner's financial advisor also appears in a U.S. Securities and Exchange Commission profile, which says he started working through the investment clearinghouse LPL Financial LLC on March 1, 2019, and remained there until spring of this year.
LPL Financial discharged Rasner on April 24 due to allegations he engaged in unapproved outside business activity, the profile says in a “disclosure” category. The disclosure doesn’t elaborate.
The Financial Industry Regulatory Authority (FINRA) profile of Rasner says he was registered previously as a broker “and is currently registered as an investment advisor.”
He’s held state registrations in New York and Wyoming, the profile says.
Before Rasner’s seven-year relationship with LPL Financial he was with Edward Jones for a year.
In 2019, the year Rasner’s work with LPL Financial began, he registered Wyoming Wealth Advisors LLC with the Wyoming Secretary of State’s office, and three years later he registered his business Omnivest LLC with the state.
The Omnivest website, omnivestfinancial.com, was not functioning as of Tuesday.
“Our Website is currently under maintenance!” the banner says. “We’re sorry for the inconvenience.”
A disclosure brochure about OmniVest, dated June 15, says Rasner has a non-financial affiliated business as a congressional candidate.
“Approximately 10% of his time is spent on these activities. This does not present a conflict,” says the brochure.
LPL Financial did not respond by publication to an email inquiry to its press line.
FINRA directed Cowboy State Daily to LPL.
Rasner, in response to an inquiry sent to his campaign team, said “In our industry, the transition of business relationships is a routine and common occurrence, particularly when professionals launch new firms.”
Rasner added, “I remain fully focused on growing my new firm, continuing to deliver exceptional service to clients, and helping bring investment, jobs, and economic opportunity back to Wyoming.”
As for what LPL Financial could have meant with the “unapproved outside business activity allegation,” Riverton-based financial advisor Mike Zirbel said, “It’s hard to narrow down.”
That’s because financial advisors are tightly regulated, he said.
“There are so many things that would count as unapproved activities,” Zirbel added.
A Little Background
Rasner’s first-quarter Federal Election Commission report for his House campaign says he has loaned himself $1.2 million and contributed another $9,072 to his own campaign. That’s within a total of about $1.264 million in total receipts.
Rasner also ran an unsuccessful 2024 campaign against incumbent Republican U.S. Sen. John Barrasso.
Barrasso defeated Rasner 70,494 to 25,427 in the 2024 GOP primary.
Rasner’s total receipts for that campaign finished off at $1.33 million, the FEC shows.
Rasner loaned himself $1.28 million in the 2024 campaign.
Clair McFarland can be reached at clair@cowboystatedaily.com.
