Ronald Walter Hannes (also known as Ron Hannes) of Spokane Washington a stockbroker formerly registered with Woodbury Financial Services Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon his consent to findings that he failed to cooperate with FINRA personnel’s request for his information and documentation during the time that the stockbroker was investigated for conversion of customer funds. Letter of Acceptance Waiver and Consent No. 2019064915301 (Feb. 13, 2020).
According to the AWC, on December 18, 2019, FINRA received a Uniform Termination Notice for Securities Industry Registration from Woodbury Financial Services. The Notice revealed that Hannes was discharged by Woodbury Financial Services based upon the securities broker dealer being notified by customers that funds were allegedly provided to Hannes for life insurance purchases. Woodbury Financial Services indicated that funds received by Hannes had not been handed over to the insurance companies.
On January 7, 2020, Hannes was asked by FINRA personnel to provide information and documentation to the regulator. He was required to furnish the information by January 21, 2020 in order to comply with FINRA Rule 8210. The AWC confirmed that FINRA’s probe concerned the allegations of Hannes converting funds of Woodbury Financial Services customers.
FINRA stated that it received correspondence from Hannes’s legal counsel dated January 28, 2020 which confirmed that Hannes understood the request for his information and documentation. He refused to honor the regulator’s request. FINRA determined that Hannes violated FINRA Rules 2010 and 8210 through his lack of cooperation in the investigation.
FINRA Public Disclosure reveals that Hannes is the subject of a customer initiated investment related written complaint on December 10, 2019 in which the customer requested $7,267.50 in damages based upon allegations that during the time that Hannes was associated with Woodbury Financial Services Inc., the customer’s funds were used to pay off Hannes’s credit card.
Hannes was registered with Woodbury Financial Services between January 31, 1994 and December 13, 2019.
