Ronald Daley: West Chester Rep Barred Over Conversion Allegations

Ronald Daley (CRD# 4682165), formerly a representative of W&S Brokerage Services, has been sanctioned by the Financial Industry Regulatory Authority and barred over allegations he refused to comply with an investigation into allegations he converted customer funds. Daley was affiliated with the firm’s location in West Chester, Ohio until earlier this year.

According to a Letter of Acceptance, Waiver and Consent (No. 2021072416801) dated September 10, 2021, Ronald Daley was registered as an Investment Company and Variable Contracts Products Representative with W&S Brokerage Services from 2009 until August 2021, when the firm disclosed his termination. On September 2, 2021, FINRA sent him a request to provide on-the-record testimony as part of its inquiry into his “potential conversion of funds from elderly customers.” The request scheduled the testimony for September 13, 2021, and was accompanied by a request to pursue documents and information by September 16, 2021. FINRA’s findings state that Mr. Daley indicated to FINRA via a phone call on September 2, 2021 that he had received the request but would neither appear for the requested testimony nor produce the requested documents and information.

As the AWC Letter notes, FINRA Rule 8210 empowers FINRA to require persons under its jurisdiction to provide information and testimony connected to matters involved in its investigations. That rule also forbids persons under FINRA’s jurisdiction from failing to provide such. FINRA’s findings state that Mr. Daley’s refusals to provide information and testimony constituted a violation of FINRA Rule 8210, which itself constitutes a violation of FINRA Rule 2010: a rule stipulating that brokers like Ronald Daley must “observe high standards of commercial honor and just and equitable principles of trade.” FINRA consequently barred Ronald Daley from associating with any FINRA member firm in any capacity.

According to Ronald Daley’s FINRA BrokerCheck report, he has also received one pending investor complaint and one settled investor complaint. 

The pending complaint, filed in May 2021, alleges that as a W&S representative, he converted funds withdrawn from an elderly customer’s life insurance and fixed annuities between September 2015 and February 2020. The pending complaint alleges damages of approximately $500,000.

The settled complaint, filed in November 2019, alleges that as a representative of W&S Brokerage Services, me misinformed the customer about a variable annuity sold in September 2017. The complaint reached a settlement in March 2020 of $76,108.76.

According to the Financial Industry Regulatory Authority, Ronald Daley holds 12 years of securities industry experience and is not presently registered as a broker or adviser. He was registered with W&S Brokerage Services in West Chester, Ohio from 2009 until 2021. He has passed two securities industry qualifying examinations: the Securities Industry Essentials Examination (SIE, obtained on October 1, 2018), and the Investment Company Products/Variable Contracts Representative Examination (Series 6, obtained on December 27, 2008). He currently holds no state securities licenses. (Information accessed on December 17, 2021.)

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