Ron Baker: FINRA Bars Lubbock Advisor Over Discretion Probe

Lubbock, Texas financial advisor Ron Baker (CRD# 10600) has been barred from acting as a broker following allegations he failed to cooperate with a regulatory investigation into his conduct. Financial Industry Regulatory Authority records show that he was most recently a representative of Richfield Orion International. 

According to a Letter of Acceptance, Waiver and Consent (No. 2019062948101) issued in June 2020, on June 1, 2022, FINRA sent Mr. Baker a request for on-the-record testimony in relation to its investigation into whether he “engaged in potential unsuitable and discretionary trading in customer accounts.” As the AWC Letter notes, FINRA is empowered by Rule 8210 to require persons under its jurisdiction to provide testimony connected to matters under its investigation; that rule also stipulates that persons under FINRA’s jurisdiction may not fail to provide requested information or testimony. On June 2, 2022, Mr. Baker indicated in an email to FINRA that he was in receipt of its request but would not appear for the requested testimony. FINRA found that this refusal constituted violations of FINRA rules, barring him from associating with any FINRA member in any capacity.

Mr. Baker’s BrokerCheck report discloses three investor complaints that reached settlements. A 1992 complaint detailing unspecified allegations reached a settlement of $40,000. A complaint filed in 1991, meanwhile, alleged that he exercised unauthorized discretion and made unsuitable investment recommendations while a representative of Dean Witter, reaching a settlement of $425,000. Finally, a complaint filed in 1990 alleged supervisory failures, reaching an unspecified settlement.

According to the Financial Industry Regulatory Authority, Ron Baker holds 48 years of securities industry experience. Last based in Lubbock, Texas, he is currently barred from acting as a broker or otherwise associating with a broker-dealer firm. His past registrations include Richfield Orion Securities (Lubbock, Texas; 2013-2022), WFG Investments (Lubbock, Texas; 1991-2013), Dean Witter Reynolds (1982-1991), E.F. Hutton & Company (1974-1982), Dupont Walston (1973-1974), and Dupont Glore Forgan (1973). His credentials include the passage of five securities industry qualifying exams: the Uniform Securities Agent State Law Examination, or Series 63; the General Securities Sales Supervisor Examination (Options Module & General Module), or Series 8; the Securities Industry Essentials Examination, or SIE; the Registered Representative Examination, or Series 1; and the Interest Rate Options Examination, or Series 5. (Information current as of June 25, 2022.)

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