Ronald Hannes, Woodbury Advisor, Reportedly Indicted for Fraud after Bar from Securities Industry
According to an article in Yahoo News on Aug 1, 2022, former Spokane financial advisor, Ronald Hannes, who was barred two years ago by federal regulators, now reportedly faces a 10-count criminal indictment tied to an investigation into $2.9 million fraud allegations.
Ronald W. Hannes, formerly of Woodbury Financial, was purportedly indicted by a federal grand jury last month on eight counts of wire fraud, one count of mail fraud and one count of investment adviser fraud.
The criminal charges reportedly follow an investigation by the Washington Department of Financial Institutions in which Hannes agreed to pay a fine of $45,000 and not seek employment as an advisor in the future. See: Broker Ronald Hannes Accused of Selling Fictitious Investments
Hannes allegedly recruited at least 21 investors to put money into high-yield bonds, but instead purportedly deposited that money in personal accounts. Hannes’ reportedly pleaded not guilty to all charges to a federal judge, according to the article.
According to the indictment, between July 2017 and November 2019, Hannes while registered as a broker with Woodbury Financial Services, allegedly provided fake investment account statements to his alleged victims in an effort to get them to reinvest.
The original investigation reportedly includes testimony from a married couple that purportedly invested with Hannes and alleged that checks they had paid him dating back to 2012 were not listed on Woodbury accounts. The couple reportedly told investigators that Hannes lied by allegedly telling them that the money had been used to purchase life insurance.
According to Hannes FINRA BrokerCheck profile, Woodbury reportedly fired Hannes in December 2019 and in February 2020 FINRA reportedly barred him from working in the securities industry.
The criminal fraud counts reportedly carry penalties of up to 20 years in prison. Federal prosecutors are also reportedly seeking the return of roughly $77,000 in investor payments fraudulently deposited into Hannes’ accounts, according to the article.
A jury trial in the case has been scheduled for October, according to the article.
Hannes was reportedly affiliated with the following firms during his career in the securities industry, among others:
01/31/1994 – 12/18/2019, WOODBURY FINANCIAL SERVICES, INC. (CRD#:421), SPOKANE, WA,
01/30/1990 – 12/31/1993, FORTIS INVESTORS, INC. (CRD#:421), OAKDALE, MN
Potential Lawsuits to Recover Financial Losses
The White Law Group continues to investigate potential securities claims involving Ronald Hannes and the liability his employers may have for failure to properly supervise him.
When brokers and registered investment advisors violate securities laws, such as making unsuitable investment recommendations or unauthorized trades, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration. 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 White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Seattle, Washington.
We represent investors in all 50 states including Washington. Our attorneys have recovered millions of dollars from many brokerage firms in the past.
If you are concerned about your investments with Ronald Hannes, please call the securities fraud attorneys at The White Law Group at 888-637-5510 for a free consultation.
For more information on The White Law Group, and its representation of investors, please visit www.WhiteSecuritiesLaw.com.
Tags: broker Ronald Hannes, FINRA arbitration, Ronald Hannes claims, Ronald Hannes complaints, Ronald Hannes financial advisor, Ronald Hannes fraud charges, Ronald Hannes indictment, Ronald Hannes investigation, Ronald Hannes lawsuit, Ronald Hannes Spokane, Ronald Hannes FINRA, securities fraud attorney, Woodbury Ronald Hannes Last modified: December 6, 2022