Ronald Coy Bailey (also known as Buddy Bailey) of Anchorage, Alaska, a stockbroker formerly registered with NYLife Securities LLC, has been fined $15,000.00 and suspended for twelve months from associating with any Financial Industry Regulatory Authority (FINRA) member because Bailey engaged in private securities transactions and outside business activities. AWC No. 2020068006501. (Sept. 9. 2022).
According to the AWC, in 2017, while Bailey was associated with NYLife Securities, he was involved in a private securities transaction where Bailey had a customer of the securities broker dealer invest $588,000.00 in an LLC.
Bailey did not have written approval from the securities broker dealer to conduct this transaction. Bailey violated FINRA Rules 2010 and 3280 as a result.
The AWC also states that between 2017 and 2018, without obtaining prior written approval from the securities broker dealer, Bailey participated in two additional outside business activities. In the one instance, Bailey helped found and run a payroll consulting and human resource business. Bailey did not have prior written approval to conduct this outside business activity. Therefore, he violated FINRA Rules 2010 and 3270.
FINRA also states that Bailey sent financial projections to a potential investor that failed to state the material risks and was misleading concerning an outside business activity. FINRA found that Bailey violated Rules 2010, 2210(d)(1)(B), and 2210(d)(1)(A).
FINRA Public Disclosure shows that Bailey is referenced in four total customer initiated investment related disputes concerning Bailey’s activities while associated with NYLife Securities LLC. Bailey is referenced in a customer initiated investment related complaint that was settled on April 8, 2020, for $21,531.05 in damages based upon allegations that Bailey made misrepresentations in connection with the recommendation and sale of variable annuities and variable life insurance policies when Bailey was associated with NYLife Securities LLC.
On May 11, 2020, a customer initiated investment related complaint involving Bailey’s conduct was settled for $6,365.50 in damages based upon allegations that Bailey made misrepresentations concerning annuities and life insurance at NYLife Securities LLC.
An additional customer complaint involving Bailey’s activities was settled on November 20, 2020, for $36,919.00 in damages based upon allegations that Bailey made misrepresentations of the cash surrender feature of a variable life insurance policy when Bailey was associated with NYLife Securities LLC.
On December 28, 2020, a civil action involving Bailey’s conduct in which the customer requested $588,000.00 in damages based upon allegations that Bailey promised dividends on LLC membership interests. Civil Action No. 3 AN-20-09853 CI. The lawsuit alleges that the LLC became insolvent.
From 2014 to 2019, Bailey was associated with NYLife Securities LLC. He was discharged by the securities broker dealer based upon allegations that he engaged in private securities transactions and outside business activities.