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Keystone Retirement’s Ron Paull: Archbald Advisor Has REIT Complaint
Archbald, Pennsylvania financial advisor Ron Paull (CRD# 2968273) has received an investor complaint alleging he made unsuitable investment recommendations. Financial Industry Regulatory Authority records show he is a representative of Cambridge Investment Research, operating as Keystone Retirement Resources, and has previously been sanctioned by securities regulators.
Mr. Paull’s BrokerCheck report discloses several investor complaints. The most recent, filed in May 2022, alleges that as a representative of LPL Financial, he recommended unsuitable investments in real estate investment trusts between November 2014 and September 2016. The pending complaint alleges damages of $97,953.
An earlier investor complaint, filed in 2017, alleged that as a representative of LPL Financial, he “made unsuitable and risky investment recommendations” involving REITs and variable annuities. In 2021 the complaint reached a settlement of $23,000.
A complaint filed in 2009, meanwhile, alleged that while at AIG Financial Advisors, Mr. Paull failed to follow instructions regarding a variable annuity withdrawal request. the complaint evolved into an arbitration proceeding before a FINRA panel, which ultimately issued an award of $10,000 to the customer.
Mr. Paull’s BrokerCheck report discloses two regulatory enforcement actions against him. One was a 2018 sanction by the New York State Department of Financial Services alleging that he “provided materially incorrect and untrue information” on a 2011 license application, and further that he failed to disclose that he had been named in a FINRA arbitration proceeding in 2009. The Department issued him a fine of $750. Prior to that, FINRA sanctioned Mr. Paull in 2016 in relation to allegations he exercised discretionary trading in customers’ variable annuity accounts without obtaining written authorization from the customers or his firm’s approval of the accounts as discretionary. FINRA suspended him for 10 business days and ordered him to pay a fine of $5,000.
In 2015 LPL Financial terminated Mr. Paull’s registration with the firm. According to a disclosure on his BrokerCheck report, the firing related to allegations of “discretionary trading in variable annuity subaccounts, in violation of firm policy.” Mr. Paull wrote in a comment on the disclosure that he was not aware he had been in violation of firm policy, “as I had obtained permission from each client and no additional fees were charged.”
According to the Financial Industry Regulatory Authority, Ron Paull holds 24 years of securities industry experience. Based in Archbald, Pennsylvania, he has been a broker and investment advisor with Cambridge Investment Research since 2015, and he is a representative of Keystone Retirement Resources. His past registrations include LPL Financial, National Planning Corporation, AIG Financial Advisors, SunAmerica Securities, and Franklin Financial Services Corporation. He holds 12 state licenses. (Information current as of June 23, 2022.)
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