Ronald Cameron Faces FINRA Sanctions, RJFS Investor Dispute

Raymond James Broker Ronald Cameron Sanctioned, Involved In Investor Dispute

The Financial Industry Regulatory Authority (“FINRA”) reports that it has sanctioned securities broker Ronald Patrick Cameron (who goes by R. Patrick Cameron) (CRD#: 2551641, Fayetteville, Arkansas). Notably, in April 2021 FINRA issued Cameron a five-week suspension and a $5,000 fine. This resolved FINRA’s allegations that his outside business activities lacked authorization and violated FINRA rules. It also appears that the State of Arkansas sanctioned Cameron, and a client of his at Raymond James Financial Services Inc. contested his sales practices. Here’s more.

FINRA Sanctions Against Ronald Cameron Involve Alleged Outside Business Activities

It appears that Ronald Cameron worked for Raymond James Financial Services from December 2013 to December 2018. Also, he worked for LPL Financial from 2018 to 2019. Evidently, he started working for International Assets Advisory (as securities broker) and International Assets Investment Management (as investment adviser representative) beginning in April 2019.
Allegedly, in 2018 Raymond James Financial Services did not allow securities brokers to engage in activities outside of the scope of their employment unless they followed a policy which required them to disclose the activity and get approval for it. It also appears that Ronald Cameron was responsible for complying with International Assets Advisory’s 2018-2020 policy which called for securities brokers to get permission before doing any outside business activities.
Evidently, while subject to these restrictions, Cameron created a company called VRV Distribution LLC. Supposedly, he solely owned and managed this company. But he reportedly failed to tell RJFS about it until July 2018 and did not tell IAA about it until December 2020. Because of this, FINRA says that Cameron violated regulatory rules on outside business activities. Evidently, he served the suspension from May 17, 2021 to June 20, 2021.

Arkansas Securities Department Sanctions Cameron

Before FINRA sanctioned Ronald Cameron, Arkansas Securities Department brought a regulatory action that ended with Cameron agreeing to pay a $8,000 fine in April 2019. This was to resolve allegations that Cameron settled a claim unbeknownst to Raymond James Financial Services.

Ronald Cameron’s RJFS Client Files Dispute Alleging Unsuitable Recommendations

Notably, a client of Raymond James Financial Services disputed Ronald Cameron’s sales practices with sector concentration investments and master limited partnerships. First of all, the client alleged in this April 2018 dispute that Cameron concentrated their account in alternative investments. Secondly, Cameron is accused of making unsuitable recommendations to them. Thirdly, the client alleged that Cameron failed to disclose facts relating to securities transactions. Moreover, Raymond James Financial Services is accused of failing to supervise Cameron and failing to conduct due diligence on investments. It appears that the client sustained damages for this reason. Because of this, Cameron opted to settle the matter through making a $100,000 payment to the client in September 2018.

Did You Lose Money By Investing Through Cameron?

Did Ronald Cameron cause you to incur investment losses? If so, call Soreide Law Group at (888) 760-6552 and speak with an experienced securities lawyer about a potential recovery. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered compensation for hundreds of United States investors who experienced damages because of their financial advisors or securities brokers. Please note: Cameron denies all allegations of his sales practice violations.