Ronald Paull Fined by State of New York
Ronald Paull (CRD #: 2968273), a broker registered with Cambridge Investment Research, was previously fined by a state regulator, according to his BrokerCheck record, accessed on September 5, 2022. Investors may have also worked with him through Cambridge Investment Research Advisors. Keep reading if you want to know more about his conduct as a broker.
Regulatory Action by State of New York
On January 31, 2018, the New York Department of Financial Services alleged that Ronald Paull provided materially false information on his original application for a life insurance broker’s license submitted in 2011, in violation of Section 2110(a)(2) of New York Insurance Law.
The Department of Financial Services further alleged that Ronald Paull failed to disclose that he was named in a FINRA administrative proceeding in 2009.
The Department of Financial Services entered a stipulation and consent order against Ronald Paull, fining him $750.
Section 2110(a)(2) of New York Insurance Law
Section 2110(a)(2) of New York Insurance Law states that an insurance broker’s license may be revoked if they provide materially incorrect, incomplete, misleading, or otherwise false information on their license application.
FINRA Suspension
A Letter of Acceptance, Waiver & Consent (AWC) filed on December 8, 2016, alleged that Ronald Paull exercised discretion in clients’ accounts without the knowledge of his firm, LPL Financial.
The AWC alleges that, starting July 2014, Ronald Paull began contacting clients requesting permission to rebalance their variable annuities’ separate accounts on a quarterly basis for a year. By February 2015, he had allegedly received verbal approval from 71 clients, but failed to receive written authorization. LPL Financial allegedly did not know of this activity or approve these accounts as discretionary accounts.
The AWC further alleges that Ronald Paull exercised discretion in these accounts from September 2014 through June 2015 when he rebalanced their variable annuities. He allegedly disclosed this conduct to LPL Financial on June 29, 2015, and was terminated by the firm.
According to the AWC, these allegations constituted violations of NASD Rule 2510(b) and FINRA Rule 2010.
FINRA Rules 3260 and 2010
FINRA Rule 3260 forbids brokers from conducting discretionary trading outside accounts approved in advance by their client and firm.
FINRA Rule 2010 requires brokers to uphold high standards of commercial honor and ethical conduct.
Sanctions
Ronald Paull consented to the following sanctions:
- $5,000 fine
- 10-business day suspension
He was suspended from January 3 to January 17, 2017.
You can read the full AWC filing here.
Termination from LPL Financial
On August 6, 2015, Ronald Paull was fired from LPL Financial after allegedly executing unauthorized trades in variable annuity subaccounts in violation of firm policy.
Background Information
Ronald Paull has passed the following exams:
- Series 66 – Uniform Combined State Law Examination
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 – General Securities Representative Examination
- Series 6 – Investment Company Products/Variable Contracts Representative Examination
Ronald Paull is a registered broker in 10 states and a registered investment adviser in Pennsylvania and Texas.
He has also worked for the following firms:
- LPL Financial (CRD#:6413)
- Advantage Investment Management (CRD#:146236)
- National Planning Corporation (CRD#:29604)
- AIG Financial Advisors (CRD#:133763)
- SunAmerica Securities (CRD#:20068)
- Franklin Financial Services (CRD#:5435)
Kurta Law Can Help
If you worked with Ronald Paull 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.
Loading...
Reload document 
Open in new tab