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Ron Baker Barred by FINRA After Alleged Refusal to Provide Testimony

Aug 10, 2022 Barred Broker

Ron Baker (CRD #: 10600) has been barred by FINRA, according to his BrokerCheck record, accessed on July 23, 2022. If you have questions about Ron Baker’s conduct as a broker, keep reading.

Bar by FINRA

On June 15, 2022, FINRA barred Ron Baker after he allegedly refused to appear for on-the-record testimony requested by FINRA as part of an investigation into whether he conducted unsuitable and discretionary trading in client accounts.

His alleged refusal to provide testimony violated FINRA Rules 8210 and 2010.

FINRA Rules 8210 and 2010

FINRA Rule 8210 requires brokers to appear for testimony or provide documents and information upon request by FINRA.

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade. 

Sanctions

Ron Baker was permanently barred from associating with FINRA members in all capacities on June 15, 2022.

You can read the full AWC here.

FINRA Rule 2111 and 3260

FINRA Rule 2111 requires that brokers tailor their investment recommendations to an investor’s profile. Investors’ profiles include information about their age, risk tolerance, and tax status, among other things.

FINRA Rule 3260 restricts brokers from engaging in discretionary trading outside of approved discretionary accounts. These accounts must receive authorization from both the client and firm before discretionary trading can occur.

When brokers have discretionary power or de facto control over a client’s account, their trading activity can also violate FINRA Rule 2111. Excessive trading, for example, violates the requirement for quantitative suitability by executing so many trades that the investor’s profits are severely reduced by commissions and fees.

Investors who rely on brokers for their recommendations or trading discretion may be able to recover their losses through FINRA arbitration.

Background Information

Ron Baker has passed the following exams:

  • Series 63 – Uniform Securities Agent State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 5 – Interest Rate Options Examination
  • Series 1 – Registered Representative Examination
  • Series 8 – General Securities Sales Supervisor Examination (Options Module & General Module)

In the past, he has worked for the following firms:

  • Richfield Orion International (CRD#:24433)
  • WFG Investments (CRD#:22704)
  • Dean Witter Reynolds (CRD#:7556)
  • E. F. Hutton & Company (CRD#:235)
  • Dupont Walston (CRD#:870)
  • Dupont Glore Forgan (CRD#:1000001)

Kurta Law Can Help

If you worked with Ron Baker and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf. 

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