Ryan James Ott of Woodbridge, New Jersey, a stockbroker formerly registered with Equitable Advisors LLC, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon accusations that he failed to cooperate with FINRA’s request for information. Case No. 2020068564201 (November 1, 2021).
According to FINRA Public Disclosure, Ott was not cooperative with FINRA’s request for information, which resulted in Ott receiving a Notice of Suspension letter on July 28, 2021, and a Suspension from Association letter on August 23, 2021. When the suspension went into effect, Ott was warned by FINRA that the suspension could convert to a bar if Ott did not provide FINRA with the information it asked for. Ott had until October 31, 2021, to comply with FINRA’s request or otherwise have the suspension lifted, but Ott did not respond by the deadline. The regulator automatically barred Ott in all capacities by November 1, 2021.
Prior to FINRA’s bar, Equitable Advisors discharged Ott as a stockbroker. FINRA Public Disclosure shows that on November 2, 2020, Ott was terminated founded on allegations of him being unresponsive to his supervisor’s requests and customer requests during a period that Ott was on enhanced supervision.
FINRA Public Disclosure shows that Ott has been identified in three customer initiated investment related disputes regarding accusations of his conduct during the time that he was employed by AXA Advisors. On September 21, 2017, a customer filed an investment related complaint involving Ott’s conduct where the customer sought compensatory damages supported by allegations that the customer was misled by Ott concerning a 2016 universal life insurance policy.
On August 1, 2018, another customer filed an investment related complaint regarding Ott’s activities in which the customer requested compensatory damages based upon accusations that the customer was placed into unsuitable variable annuity products when Ott was registered with AXA Advisors. The complaint also alleges that the customer was not told about surrender charges on the variable annuity at the time of their purchase.
Ott is also identified in a customer initiated investment related written complaint which was resolved for $12,532.54 in damages on June 5, 2019, founded on allegations of nondisclosures relating to a transfer of the customer’s annuity funds being taxable when directed to a brokerage account.
Ott was employed by Equitable Advisors between June 7, 2013, and November 3, 2020.
