Ronald Patrick Cameron of Fayetteville Arkansas a stockbroker registered with International Assets Advisory and LPL Financial LLC has been fined $5,000.00 and suspended for five weeks from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that he engaged in outside business activities. Letter of Acceptance Waiver and Consent No. 2018060906101 (Apr. 22, 2021).
According to the AWC, during the time that Cameron was associated with Raymond James Financial Services, he was obligated to disclose outside business activities and obtain approval before engaging in them. International Assets Advisory maintained written supervisory procedures between April of 2019 and December of 2020 which called upon stockbrokers to seek and obtain permission for outside business activities before engaging in them. Cameron did not comply with those policies of the securities broker dealer.
The AWC stated that in May of 2018, Cameron created VRF Distribution LLC as an outside business activity. The company was solely owned and operated by him. He generated sales of $117,759.00 in sales through this outside business activity.
Cameron neglected to timely disclose his activities with this company with either of his securities broker dealer employers. The stockbroker also falsely attested on an International Assets Advisory annual compliance questionnaire to having disclosed outside business activities. FINRA determined that Cameron violated FINRA Rules 2010 and 3270 for this reason.
This is not the first time that Cameron has been sanctioned by a securities regulator. On April 8, 2019, he was fined $8,000.00 by Arkansas Securities Commissioner supported by allegations that he settled a customer initiated investment related dispute away from Raymond James Financial Services. In the Matter of Ronald Patrick Cameron Case No. S-19-0033.
According to the Order, Cameron was the subject of a customer initiated investment related FINRA securities arbitration claim where the customer sought $297,930.00 in damages as a result of accusations against Raymond James of sales practice violations and failure to supervise. Raymond James allegedly failed to undertake due diligence in an IRA account which the customer held with the firm. The claim also alleges unsuitable recommendations and the overconcentration of the customer’s assets in sector-specific securities and an MLP.
According to Arkansas Securities Commissioner, the only reason that Cameron was not named in the customer dispute was because he had paid the customer $20,000.00 to settle the dispute. The customer received $100,000.00 in damages from Raymond James on September 14, 2018.
Cameron was registered with Raymond James Financial Services until December 14, 2018. He was registered with LPL Financial between November 21, 2018 and April 11, 2019. He has been a stockbroker of International Assets Advisory since April 8, 2019 and an investment adviser representative of International Assets Investment Management LLC since May 8, 2019.