Ronald Michael Reilly (also known as Ron Reilly), from Park City, Utah, a stockbroker registered with Wells Fargo Advisors LLC, is the subject of a customer initiated investment related complaint filed on March 17, 2022. According to the complaint, Reilly implemented an investment strategy that was inconsistent with the customer’s investment objectives during the period from November 2021 to March 2022. This strategy involved in-house money manager accounts at Wells Fargo Advisors LLC.
FINRA Rule 2111 requires that a member or an associated person must have a reasonable basis to believe that a recommended investment strategy, including an explicit recommendation to hold a security or securities, and provides that:
(a) A member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile.
A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.
FINRA Conduct Rule 2111 (2023)(emphasis added).
Financial Industry Regulatory Authority (FINRA) Public Disclosure shows that Reilly is referenced in three other customer initiated investment related disputes concerning Reilly’s conduct while associated with securities broker dealers. On June 26, 2002, a customer initiated investment related NASD securities arbitration claim involving Reilly’s conduct was settled for $9,000.00 in damages based upon allegations that Reilly failed to follow the customer’s instructions and engaged in excessive and unsuitable trading in mutual funds and over-the-counter equities when Reilly was associated with McDonald Investments Inc. NASD Arbitration No. 02-04983.
On January 25, 2011, a customer initiated investment related FINRA securities arbitration claim involving Reilly’s conduct was settled for $100,000.00 in damages based upon allegations that Reilly engaged in unsuitable trading in stocks during the time that Reilly was associated with Morgan Stanley Co Inc. FINRA Arbitration No. 09-07000.
Reilly is also referenced in a complaint that was settled on May 19, 2020, for $32,075.00 in damages based upon allegations that Reilly provided incorrect information to the customer about their accounts when Reilly was associated with Wells Fargo.
Reilly has been associated with Wells Fargo Clearing Services LLC in Park City, Utah, as a stockbroker since January 3, 2011. He is also registered with Wells Fargo Advisors in Park City, Utah, as an investment advisor representative as of January 3, 2011.
