Reid Snellenbarger

Key Points

• Professional Background: Reid Snellenbarger is a seasoned financial professional with over 20 years of experience in restructuring, capital markets, and investment banking, currently serving as Senior Managing Director at SOLIC Capital Advisors.
• Lazard Firing: Fired from Lazard Ltd. in July 2023, just months after joining as Co-Head of Restructuring in North America, due to alleged inappropriate behavior at a Fourth of July party, including inappropriate touching of colleagues.
• Reputational Impact: The incident drew significant media attention, raising questions about workplace conduct and Lazard’s swift response, with limited public details complicating reputation recovery.
• Current Role: Continues to hold a senior position at SOLIC Capital, focusing on distressed financial situations, with no reported professional repercussions post-Lazard.
• Lack of Legal Action: No lawsuits or criminal charges have been publicly linked to the Lazard incident, though the FINRA U5 form may provide further clarity on termination details.

Overview

Reid Snellenbarger is a Chicago-based financial expert specializing in restructuring, capital structure solutions, and liability management. With a Bachelor of Science in Finance from Purdue University (1998), he holds FINRA Series 7, 63, and 24 licenses and is a member of the Turnaround Management Association and the American Bankruptcy Institute. His career includes significant roles at Houlihan Lokey, where he managed over $100 billion in restructuring and M&A transactions, and a brief stint at Lazard Ltd. as Co-Head of Restructuring and Capital Solutions for North America in 2023. Currently, he serves as Senior Managing Director at SOLIC Capital Advisors, advising companies and creditors in distressed scenarios across industries like automotive, real estate, and hospitality. Snellenbarger is also a board member of the Make-A-Wish Foundation of Illinois, reflecting community involvement.

Allegations and Concerns

• Inappropriate Behavior at Lazard (July 2023): Snellenbarger was terminated from Lazard following allegations of inappropriate conduct at a Fourth of July pool party he hosted, attended by Lazard colleagues. Reports cite “inappropriate touching” of colleagues, though specifics remain undisclosed. The incident occurred at an off-site, non-Lazard-hosted event, possibly at Snellenbarger’s $7 million Lake Geneva home.
• Lack of Transparency: Lazard’s internal memo, signed by incoming CEO Peter Orszag, cited behavior “incompatible with our values” but provided no further details, citing respect for affected colleagues. Snellenbarger did not publicly respond to the allegations.
• Speculation on Incident: Unconfirmed social media reports suggested interns may have been involved, with some online comments alleging specific behaviors like “slapping asses and grinding on analysts.” These remain unverified and speculative.
• Swift Termination: Lazard’s rapid investigation and dismissal within 48 hours raised questions about due process, with some industry observers questioning whether the response was proportionate or influenced by high-profile attendees (e.g., relatives of major clients).

Customer Feedback

No direct customer reviews or client feedback are publicly available for Snellenbarger, as his work involves high-level financial advisory services rather than consumer-facing products. However, industry commentary provides indirect insights:

• Positive Feedback: At Houlihan Lokey and SOLIC Capital, Snellenbarger is recognized for his expertise in navigating complex financial distress, with notable achievements like leading company sales and securing financing in Chapter 11 bankruptcies. Industry sources praise his “vast wealth of experience in advisory services.”
• Negative Feedback: The Lazard incident has overshadowed his professional reputation, with media outlets like the Daily Mail and eFinancialCareers emphasizing the scandal over his prior accomplishments. No specific client complaints were reported, but the lack of public defense from Snellenbarger or Lazard fuels negative perceptions.
• Example Quote: “Reid Snellenbarger is a seasoned professional in restructuring and capital markets,” but “he picked a bad time to behave inappropriately,” reflecting the dual narrative of expertise and controversy.

Risk Considerations

• Reputational Risk: The Lazard firing and associated media coverage pose significant reputational challenges. The lack of detailed public disclosure fuels speculation, potentially affecting client trust and professional relationships.
• Professional Risk: While Snellenbarger secured a senior role at SOLIC Capital, future employers or clients may scrutinize his Lazard exit, especially in industries valuing discretion and integrity.
• Legal Risk: No lawsuits or criminal charges have been reported, but the pending FINRA U5 form could reveal termination details that impact his licensing or future employment.
• Financial Risk: The $7 million Lake Geneva home purchase in 2022 suggests financial stability, but the loss of a high-earning Lazard position (estimated $400,000–$600,000 base salary, plus bonuses) could strain personal finances if not offset by current earnings.

Business Relations and Associations

• SOLIC Capital Advisors: Current employer, where Snellenbarger serves as Senior Managing Director, focusing on capital structure solutions and distressed situations. No reported issues with SOLIC.
• Houlihan Lokey: Former employer, where he was a Managing Director in Financial Restructuring, handling major transactions like Gawker Media’s 2016 sale ($135 million) and Ditech Holding’s 2019 sale ($1.8 billion).
• Lazard Ltd.: Brief tenure (April–July 2023) as Co-Head of Restructuring, ending in termination. Worked alongside Sanjeev Khemlani, Tyler Cowan, and Brandon Aebersold under David Kurtz.
• Make-A-Wish Foundation of Illinois: Board member, indicating community engagement, though no direct business impact.
• Personal Network: Married to Rebecca Snellenbarger, with no professional ties reported. No other significant business associations noted beyond industry memberships (Turnaround Management Association, American Bankruptcy Institute).

Legal and Financial Concerns

• No Lawsuits or Charges: No public records indicate lawsuits, criminal charges, or bankruptcy filings related to Snellenbarger or the Lazard incident.
• FINRA U5 Form: Lazard has not yet filed the U5 form to discontinue Snellenbarger’s employment, which may clarify the termination reason (e.g., “discharged” or “other”). This could impact his FINRA licensing status.
• Financial Stability: The $7 million home purchase in July 2022 suggests significant personal wealth, likely accumulated from his high-earning career. No reports of unpaid debts or financial distress.
• Lazard’s Context: The incident occurred during a sensitive period for Lazard, with incoming CEO Peter Orszag and discussions about a potential sale to ADQ, possibly amplifying the firm’s swift response.

Risk Assessment Table

Expert Opinion

Analytical Summary: Reid Snellenbarger is a highly experienced financial professional whose career has been marked by significant achievements in restructuring and capital markets, notably at Houlihan Lokey and now SOLIC Capital. However, his abrupt dismissal from Lazard in 2023 for alleged inappropriate behavior at a private party has cast a shadow over his reputation. The incident, involving unspecified but serious allegations like inappropriate touching, highlights the risks of personal conduct in high-stakes industries. Lazard’s swift action reflects Wall Street’s evolving culture, prioritizing workplace respect amid broader efforts to curb harassment and discrimination. The lack of public details and Snellenbarger’s silence complicate reputation recovery, but his current role at SOLIC suggests professional resilience.

Pros:

• Extensive expertise in restructuring, with a track record of high-value transactions.
• Strong industry credentials (FINRA licenses, professional memberships).
• Community involvement (Make-A-Wish board member) enhances personal profile.

Cons:

• Lazard firing and media scrutiny create lasting reputational damage.
• Lack of transparency fuels speculation, potentially affecting client trust.
• Pending FINRA U5 form could introduce licensing or employment hurdles.

Cautionary Advice: Clients or employers considering Snellenbarger should weigh his proven financial expertise against the reputational risks stemming from the Lazard incident. Due diligence, including monitoring FINRA disclosures, is advisable. Snellenbarger should prioritize transparency in professional settings to rebuild trust and mitigate speculation. Firms like SOLIC Capital should ensure robust oversight to prevent similar incidents, given the industry’s heightened sensitivity to workplace conduct.

Key Citations

• Bloomberg: “Lazard Dismissed Snellenbarger for Alleged Misconduct Toward Colleagues at Party” (2023-07-07).
• eFinancialCareers: “Fired Lazard MD Reid Snellenbarger recently bought $7m house” (2023-07-06).
• Wall Street Oasis: “Lazard Fires Top Restructuring Banker Accused of Inappropriate Behavior” (2023-07-06).
• The Straits Times: “Investment firm Lazard fires top executive for alleged inappropriate behaviour at party” (2024-11-18).
• SOLIC Capital: Reid Snellenbarger Profile.
• LinkedIn: Reid Snellenbarger Professional Profile.
• MarketScreener: Reid Snellenbarger Biography and Relations.