Ronald Scott Daley of West Chester Ohio a stockbroker formerly registered with WS Brokerage Services Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that he did not comply with the regulator’s investigation into allegations of his misuse of customer funds during the time that he was associated with WS Brokerage Services. Letter of Acceptance Waiver and Consent No. 2021072416801 (Sept. 10, 2021).
According to FINRA Public Disclosure, Daley was discharged by WS Brokerage Services on August 2, 2021 for allegedly violating policy. The securities broker dealer indicated that before he was terminated, it received a complaint involving him which alleged conversion from a customer’s life insurance policy and fixed annuities between 2015 and 2020.
According to the AWC, by September 2, 2021, Daley was under investigation for converting funds belonging to senior investors. He was asked by FINRA to provide recorded testimony regarding the accusations. He was also called upon by FINRA to hand over documents and information relating to his activities with customers. Daley’s testimony was scheduled for September 13, 2021. He was given until September 16, 2021 to comply with FINRA’s information and documents requests.
FINRA received a phone call from Daley on September 2, 2021. He told the regulator that he received its requests but would not be cooperating with them at any time. Daley refused to testify and provide information and documents to FINRA, preventing the regulator from finding out whether he converted funds. FINRA determined that Daley violated Rules 2010 and 8210. He was barred for this reason.
FINRA Public Disclosure shows that Daley has been identified in two customer initiated investment related disputes containing allegations of his misconduct at securities broker dealers. On March 3, 2020, a customer initiated investment related complaint regarding Daley’s activities was settled for $76,108.76 in damages based on accusations that the customer was not provided with accurate information regarding the features on a variable annuity. According to the complaint, the customer was led to believe that their required minimum distribution would not affect a guaranteed income benefit base. The complaint alleges that the customer did not receive a positive adjustment on their benefit base because of the required minimum distributions.
Daley is also the subject of a customer initiated investment related complaint in which the customer requested $500,000.00 in damages founded upon allegations that their funds were converted. The complaint alleges that money was misappropriated from their insurance and annuity policies when he was associated with WS Brokerage Services.
Daley was associated with WS Brokerage Services between January 1, 2009 and August 2, 2021.
