Securities Arbitration Lawyer Blog
FINRA has barred former W&S Brokerage Services, Inc. broker Ronald Daley from the securities industry. Mr. Daley consented to the sanction and to the entry of findings that he refused to appear for on-the-record testimony or to produce documents and information requested by FINRA in connection with its investigation into his potential conversion of funds from elderly customers.
If you have suffered investment losses with Ronald Daley, or W&S Brokerage Services, Inc., contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.
Iorio Altamirano LLP represents investors nationwide that have disputes with their financial advisors or brokerage firms.
FINRA Letter of Acceptance, Waiver, and Consent No. 2021072416801
Ronald Daley and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on September 10, 2021, after FINRA alleged that Mr. Daley refused to appear for on-the-record testimony or to produce documents and information that were requested pursuant to FINRA Rule 8210, in violation of FINRA Rules 8210 and 2010.
FINRA Rule 8210(a)(1) states, in relevant part, that FINRA may require a person subject to its jurisdiction “to provide information orally, in writing, or electronically … with respect to any matter involved in [a FINRA] investigation [or] examination.” FINRA Rule 8210(c) further states that “[n]o … person shall fail to provide information … pursuant to this Rule.” A violation of FINRA Rule 8210 is also a violation of FINRA Rule 2010, which requires member firms and their associated persons to “observe high standards of commercial honor and just and equitable principles of trade.”
On September 2, 2021, in connection with its investigation into Mr. Daley’s potential conversion of funds from elderly customers, FINRA staff sent a request to Mr. Daley for his on-the-record testimony and a request for documents and information pursuant to FINRA Rule 8210. On the same day, Mr. Daley told FINRA staff that he would not appear for on-the-record testimony or produce the documents and information requested at any time.
By refusing to appear for on-the-record testimony or to produce the documents and information requested pursuant to FINRA Rule 8210, Mr. Daley violated FINRA Rules 8210 and 2010. Accordingly, he has been barred from associating with any FINRA member firm in any capacity.
Ronald Daley (CRD#: 4682165)
Mr. Daley first became registered with FINRA in 2009. Between January 2009 and August 2021, Mr. Daley was registered with FINRA as an Investment Company and Variable Contracts Products Representative through his association with W&S Brokerage Services, Inc. On August 31, 2021, the firm filed a Uniform Termination Notice for Securities Industry Registration (Form U5), terminating Mr. Daley’s association with the firm.
According to Mr. Daley’s public FINRA CRD, W&S Brokerage Services, Inc. terminated his registration after W&S Life (“WSLIC”), an approved outside business activity, terminated his employment upon discovery that he violated WSLIC policies by failing to meet reporting requirements under WSLIC policy (not U4 or securities-related). Prior to his termination, there was also a complaint made on behalf of an elderly customer through her Power of Attorney alleging conversion of funds withdrawn from life insurance and fixed annuities between September 2015 to February 2020. The firm also indicated that Mr. Daley’s actions “are still under review for any signs of misconduct or inappropriate activity related to the customer complaint.”
The customer complaint, which was filed on May 12, 2021, seeks $500,000 in damages.
Mr. Daley’s FINRA CRD also shows a previous customer complaint alleging that a client was misinformed about a product feature involving the sale of a variable annuity. The matter was settled in March 2020.
Mr. Daley is not currently registered or associated with a FINRA member. However, he remains subject to FINRA’s jurisdiction pursuant to Article V, Section 4 of FINRA’s By-Laws.
How to Recover Losses or Obtain a Free Consultation
If you have suffered investment losses with Ronald Daley, or W&S Brokerage Services, Inc., contact New York securities arbitration lawyer Jorge Altamirano of Iorio Altamirano LLP at jorge@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. We pursue FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by financial advisors and brokerage firms.