Broker Ronald Daley (WS Brokerage Services, WS Life) Barred By FINRA Following Investigation
The Financial Industry Regulatory Authority (“FINRA”) reports new information regarding securities broker Ronald Scott Daley (CRD#: 4682165, West Chester, Ohio). Specifically, Daley, who worked for securities firm WS Brokerage Services from January 2009 to August 2021, agreed to be barred indefinitely as a securities broker to resolve FINRA’s allegations of his failure to comply during an investigation. In addition, two investors disputed his sales practices. Here’s more on these disclosures.
FINRA Issues Indefinite Bar To Ronald Daley For Failure To Comply
Notably, on September 10, 2021, FINRA barred Ronald Daley as a securities broker. Evidently, FINRA investigated Daley in September 2021 in regard to his actions with elderly clients. The AWC states that the investigation concerned allegations of “conversion of funds” from those investors.
Notably, FINRA asked for Ronald Daley’s testimony, documents, and information. Apparently, Daley was supposed to testify on September 13 and provide documents and information by September 16. But on September 2, Daley’s lawyer phoned FINRA to state that Daley would not cooperate. By refusing to comply, FINRA says that Daley violated its rules and is no longer allowed to be a FINRA-member securities broker.
WS Brokerage Services’ Termination Of Ronald Daley
It appears that in August 2021, WS Brokerage Services discharged Ronald Daley when WS Life terminated his employment. According to WS Life, Daley did not meet its reporting requirements. Also, the firm mentioned that a client made a complaint about Daley.
WS Life Investor Files Dispute Alleging Misuse Of Funds
Evidently, in May 2021, a WS Life client brought a dispute about Ronald Daley. Mainly, this dispute alleges $500,000.00 in damages connected to the alleged “conversion of funds” relating to life insurance and annuities between 2015 and 2020. It seems that this matter is ongoing at this time. It is important to note that Daley denies these allegations.
Ronald Daley’s WS Brokerage Services Client Alleges Misinformation
Also, a client of WS Brokerage Services disputed Ronald Daley’s sales practices in November 2019. Particularly, the client alleged misinformation relating to a variable annuity. Supposedly, Daley informed the client about the required minimum distribution (RMD) not negating a roll-up feature on the client’s annuity. According to the client, they did not receive a roll-up because of their RMD. For this reason, WS Brokerage Services paid the client $76,108.76 to settle this matter in March 2020.
Losses By Investing With Daley?
Note that securities broker Ronald Daley denies misconduct allegations against him. Have you experienced investment losses by interacting with this broker? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered substantial compensation for US clients who have experienced losses from their securities brokers and financial advisors.