Ron Jason Ison of New York New York a stockbroker employed by Buckman Buckman Reid Inc. has been stripped of his stockbroker license or investment adviser representative license founded on the stockbroker being expelled for obstructing a FINRA investigation. New Jersey Bureau of Securities Order No. 2017053698501 (Dec. 3, 2018).
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Ison has been barred from associating with any FINRA member in any capacity based upon accusations that the stockbroker neglected to provide recorded testimony before FINRA personnel during the period in which he was under investigation for effecting trades without the knowledge or consent of his customer and for giving a customer bad investment advice. Letter of Acceptance Waiver and Consent No. 2017053090501 (Apr. 13, 2018).
According to the AWC, FINRA tried to assess if trades were effected without authorization and whether bad investment recommendations were made by Ison when he was associated with Buckman Buckman Reid. The AWC stated that the stockbroker made an appearance to testify but failed to address all of the regulator’s questions surrounding his trading. Ison’s legal counsel later informed FINRA that the stockbroker would not make any additional appearance. FINRA found that Ison’s hindrance of the investigation constituted violations of FINRA Rules 2010 and 8210.
FINRA Public Disclosure indicates that Ison is the subject of six customer initiated investment related disputes pertaining to allegations of his bad business practices during the period in which he was employed by securities broker dealers including Mercer Capital Ltd. Specifically, a customer initiated investment related arbitration claim pertaining to Ison’s conduct resulted in an Arbitrators ordering the stockbroker to pay $789,287.00 in compensatory damages and $500,000.00 in punitive damages based on him being found liable on the customer’s claims which included that misleading statements were made by the stockbroker pertaining to the risks and drawbacks of investments, transactions were facilitated in the customer’s account in an excessive manner by the stockbroker, investments failed to be suitable because of the customer’s investment circumstances, contractual and fiduciary obligations were not complied with, the customer’s account had been mismanaged and unsupervised, and the customer was defrauded. FINRA Arbitration No. 09-02420.
Another customer initiated investment related arbitration claim involving Ison’s conduct resulted in customers being awarded $5,000.00 in compensatory damages based upon Ison being found liable on the customer’s claims including that the customer’s account was handled by the stockbroker in a negligent manner, an investment related contract was breached, fiduciary duties which were owed to the customer had been breached, misrepresentations were made by the stockbroker regarding the details or risks of investments, and stock warrants, private placements, senior secured convertible notes and common or preferred stocks transactions were effected by the stockbroker in violation of federal securities laws, and the customer was defrauded by making investments through the stockbroker. FINRA Arbitration No. 10-00417.
Ison is also referenced in a customer initiated investment related arbitration claim which has been settled for $5,000.00 in damages supported by allegations that information relating to private placements and over the counter equity transactions had been concealed from the customer by the stockbroker, and there was no due diligence prior to transactions being recommended by Ison during the time that he was employed by Mercer Capital. FINRA Arbitration No. 10-04919.
Ison’s registration with Buckman Buckman Reid was terminated on April 17, 2018.
