FINRA Reportedly Investigates Anchorage Financial Advisor Ronald Bailey for “Selling Away”
According to a FINRA complaint on July 8, 2022, the Financial Industry Regulatory Authority (FINRA) reportedly recommend that disciplinary action be brought against Ronald Coy Bailey (CRD #6270312) alleging violation of FINRA Rules 3280 and 2010 for in a private securities transaction without first receiving permission from, his member firm.
In 2017, while allegedly associated with NYLife, Bailey purportedly participated in a private securities transaction by soliciting and facilitating a firm client’s $588,000 investment in an LLC membership interest in Golden Empire Seafood, LLC in exchange for compensation from Golden Harvest Alaska Seafood, LLC, without requesting or receiving permission from his member firm.
Further, according to FINRA, Bailey was also in violation of FINRA Rules 3270 and 2010 in that he engaged in outside business activities without providing prior written notice to his member firm and without firm approval;
In 2017 and 2018, Bailey allegedly assisted in founding and then served as a strategic partner of Focus Employer Solutions, a human resources and payroll consulting business. He also purportedly assisted Golden Harvest establish local business contacts without NYLife’s approval.
Additionally, while reportedly soliciting investors to invest in Golden Empire, Bailey purportedly emailed financial projections to a potential investor that did not clearly disclose the applicable risks of the investment and were allegedly promissory and misleading, in violation of FINRA Rules 2210(d)(l)(A), 2210(d)(l)(B), and 2010.
According to his FINRA Broker report, Bailey was reportedly affiliated with the following firms:
03/12/2020 – 04/13/2020, MUTUAL OF AMERICA LIFE INSURANCE COMPANY (CRD#:15356), ANCHORAGE, AK,
B, 03/12/2020 – 04/13/2020, MUTUAL OF AMERICA SECURITIES LLC (CRD#:27878), ANCHORAGE, AK
B, 03/17/2014 – 09/11/2019, NYLIFE SECURITIES LLC (CRD#:5167), ANCHORAGE, AK
Bailey reportedly has four customer complaints on his broker record.
Selling away is when a broker or financial advisor solicits you to purchase securities not held or offered by the brokerage firm. As a general rule, such activities are a violation of securities regulations. Typically, when a broker is “selling away,” the investments are in the form of private placements or other non-public investments, and often these are investments that the broker has some pecuniary interest in.
Such an investment is generally a violation of securities rules because the brokerage firm has not researched the risks of the investment or approved the investment for sale to its clients, and the broker is selling the investment without the knowledge of his employer. Nonetheless, a broker-dealer can be held liable for a financial advisor’s “selling away” for failing to adequately supervise its employees and protect its clients.
Potential Lawsuits to Recover Investment Losses
The White Law Group is investigating potential securities claims involving representative Ronald Coy Bailey and the liability his employers may have for failure to properly supervise him.
When brokers abuse client accounts or conduct transactions that violate securities laws, such as making unauthorized trades or making unsuitable investments, the brokerage firm they are working with may be liable for investment losses. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
The brokerage firms can be held responsible for any losses in a FINRA arbitration claim if it is determined that they failed to properly supervise their agent.
If you are concerned about investments with Ronald Coy Bailey, the securities attorneys of The White Law Group may be able to help you. For a free consultation with a securities attorney, please call 888-637-5510.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Seattle, Washington.
For more information on The White Law Group, visit www.WhiteSecuritiesLaw.com.
Tags: Ronald Coy Bailey, Ronald Coy Bailey Anchorage Ronald Coy Bailey FINRA, Ronald Coy Bailey CFP Board bar, Ronald Coy Bailey complaints, Ronald Coy Bailey conversion, Ronald Coy Bailey investigation, Ronald Coy Bailey lawsuit, Ronald Coy Bailey Ronald Coy Bailey Northwestern Mutual Last modified: September 13, 2022