Reid Rasner, a Republican candidate seeking Wyoming's sole congressional seat, was discharged from his position at financial advisory firm LPL Financial LLC over allegations of "unapproved outside business activity," according to a federal filing. The disclosure was made on the SEC's Investment Adviser Public Disclosure website on April 24.
Rasner, one of ten candidates in the GOP primary, had been registered with LPL Financial since March 2019. His registration with the firm concluded in the spring of this year. On May 11, Rasner's registration changed to Omnivest Financial, an investment advisor firm that he owns and operates in New York and Wyoming.
A statement provided by Rasner's campaign from Omnivest claimed that Rasner was never an employee of LPL Financial but rather an independent contractor who wholly owned his previous business. The statement characterized the transition as a "negotiated business transaction in which LPL purchased client relationships as Mr. Rasner launched his own registered investment advisor firm." The campaign asserted that any suggestion of termination for misconduct was "inaccurate, misleading, and unacceptable."
Rasner's campaign directed further inquiries to Omnivest, which he owns. The firm, when contacted, provided the same statement and did not immediately respond to follow-up questions regarding the SEC disclosure notice. Rasner is listed on the SEC website as an investment adviser, compensated for providing advice on securities, and previously as a broker who handled investments like stocks and bonds.
According to a disclosure brochure from June 15, Rasner is the "100% owner" of Omnivest, founded in 2019 and which began advisory services this year. The brochure also noted Rasner's non-financial affiliation as a congressional candidate, estimating he dedicates approximately 10% of his time to these activities.
Rasner has maintained an active online presence, frequently posting campaign-related content. His social media activity includes advocating for gun rights, calling for a ban on Sharia Law, and making controversial remarks about political opponents. He has also pushed for a ban on transgender surgeries and advocated for mass deportations. In a previous online post, he suggested he was in talks to acquire TikTok. In 2024, Rasner unsuccessfully challenged incumbent Senator John Barrasso in the Wyoming GOP primary.