Securities Arbitration Investment Fraud Lawyers » Investment and Regulatory News » Investors Win $1.9 Million FINRA Arbitration Award Against First Allied Securities

Ronald Reed McCook (also known as Ron Reed McCook Jr.), of Scottsdale, Arizona, a stockbroker registered with First Allied Securities Inc., was the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer was awarded $1,961,500.00 in compensatory damages because First Allied Securities Inc. was held liable for sales practice violations. The Statement of Claim alleged negligence, misrepresentation, omissions, failure to supervise certain representatives, and breach of fiduciary duty in connection with the recommendation and sale of limited partnership interests and variable annuities when McCook was associated with First Allied Securities Inc. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-01349 (March 11, 2022).

This is not the first time that McCook has been referenced in a customer initiated investment related dispute concerning McCook’s conduct in the securities industry. FINRA Public Disclosure shows that McCook is also referenced in a complaint filed on July 26, 2012, in which the customer requested $17,000.00 in damages based upon allegations that McCook made omissions of material fact during the time that McCook was associated with National Planning Corporation.

On October 28, 2019, a customer filed an investment related FINRA securities arbitration claim involving McCook’s conduct in which the customer requested compensation based upon allegations that McCook made unsuitable recommendations, failed to supervise certain registered representatives, breached his fiduciary duties, made misrepresentations of material fact, and breached a contract in connection with the recommendation and sale of alternative investments during the time that McCook was associated with First Allied Securities Inc. FINRA Arbitration No. 19-03230.

McCook was associated with First Allied Advisory Services Inc. in San Diego, CA, as an investment advisor representative from October of 2014 to November of 2020, and was associated with First Allied Securities Inc. in Scottsdale, AZ, as a stockbroker from October of 2014 to September of 2022.

McCook has been associated with Cetera Advisors LLC in Scottsdale, AZ, as a stockbroker since September 8, 2022, and has been associated with Cetera Investment Advisers LLC in Scottsdale, AZ, as an investment advisor representative since November 12, 2020.