Victim of Financial Fraud? Call Now

Ronald Bailey Fined $15,000 by FINRA Following Outside Business Allegations

Ronald Bailey (CRD #: 6270312), a broker formerly registered with Mutual of America Life Insurance Company, was recently investigated by FINRA, according to his BrokerCheck record, accessed on October 11, 2022. If you have questions about his conduct as a broker, read on.

FINRA Regulatory Action 

On September 9, 2022, Ronald Bailey entered into an Acceptance, Waiver, and Consent agreement (AWC) that consents to the findings that he participated in a private securities transaction and outside business activities without prior notice or firm approval. 

Ronald Bailey allegedly entered into a marketing agreement with an LLC to market LLC membership interests in a seafood processing company. As compensation, he was offered up to a 0.5 percent membership interest in the LLC. Ronald Bailey allegedly solicited a customer at his member firm for a $588,000 investment in an LLC membership. He allegedly later attested that he had not solicited any persons for investments outside of his firm. Additionally, Ronald Bailey allegedly provided a prospective investor with a financial statement that included unwarranted and misleading statements, allegedly in violation of FINRA Rule 2210. 

Ronald Bailey also allegedly engaged in unapproved outside business with a human resources and payroll company, in spite of his firm’s denial of his request to participate in this outside business. 

Sanctions 

As part of the terms of the AWC, Ronald Bailey consented to a $15,000 fine and a 12-month suspension. 

You can read a copy of the AWC here

FINRA Rules 3270 and 3280

FINRA Rule 3270 requires brokers to inform and receive approval from their firm before participating in outside business activities of any kind.

FINRA Rule 3280 similarly requires brokers to notify and obtain approval from their firm before participating in private securities transactions.

FINRA Rules 2210 and 2010

FINRA Rule 2210 regulates how firms and brokers can communicate with the public. Advertisements and other consumer-facing communications must be reviewed and approved by the firm before publication.

FINRA Rule 2010 requires brokers to uphold high standards of commercial honor and ethical conduct.

Investor Dispute

On December 28, 2020, an investor alleged that, in approximately December 2017, Ronald Bailey promised he would receive a 10% dividend on an investment in a seafood company. The client alleged that the company became insolvent, leading to the loss of his investment.

The client seeks $588,000 in this pending dispute.

FINRA Rule 2150

FINRA Rule 2150 prohibits brokers from issuing guarantees that clients’ won’t experience loss in an investment.

Resignation from NYLIFE Securities

On August 12, 2019, Ronald Bailey was permitted to resign from NYLIFE Securities after allegedly violating firm policy relating to participation in unapproved outside business activities.

Other business activities

Ronald Bailey’s detailed BrokerCheck report does not currently list any outside business activities.

Background Information

Ronald Bailey has passed the following exams:

  • Series 63 – Uniform Securities Agent State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 6 – Investment Company Products/Variable Contracts Representative Examination

He previously worked for the following firms:

  • Mutual of America Life Insurance Company (CRD#:15356)
  • Mutual of America Securities (CRD#:27878)
  • NYLIFE Securities (CRD#:5167)

Kurta Law Can Help

If you worked with Ronald Bailey 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.