Ronald Whittingham Suspended for Allegedly Falsifying Variable Annuity Forms
Ronald Whittingham (CRD #: 3113849), a broker and Investment advisor registered with Cetera Advisors in Orland Park, Illinois, was recently suspended for allegedly falsifying variable annuity replacement disclosure forms according to his BrokerCheck Record accessed on November 22, 2021.
FINRA Letter of Acceptance, Waiver, and Consent Agreement
According to an Acceptance, Waiver, and Consent agreement dated October 22, 2021, Ronald Whittingham consented to the findings that between August 2016 and December 2016, he allegedly falsified documents that he submitted to LPL financial in connection with 22 variable annuity exchanges.
The findings further state that on each form, Ronald Whittingham allegedly falsely stated that gaining a stepped-up death benefit was one of the reasons that the variable annuity was suitable for the customer. Ronald Whittingham allegedly knew that each stepped-up death benefit had been removed, according to his recommendation. LPL financial allegedly did not know that the benefits had been removed.
As a result, Ronald Whittingham violated FINRA Rule 2010, and he separately violated FINRA Rules 4511 and 2010 by causing LPL financial to maintain inaccurate books and records.
A registered representative who falsifies firm records causes the firm to maintain inaccurate books and records in violation of FINRA Rule 4511. FINRA Rule 4511 requires member firms and their associated persons to maintain books, records, accounts, or other pertinent documents for securities law compliance.
FINRA Rule 2010 requires all registered members to observe high standards of commercial honor and just principles in their business dealings.
You can read a copy of the AWC here.
FINRA Suspension and Fine
As part of the terms of the AWC, Ronald Whittingham consented to a three-month suspension and a $5,000 fine.
Ronald Whittingham’s suspension ends on February 14, 2022.
Ronald Whittingham has passed the following exams:
- Series 65 – Uniform Investment Adviser Law Examination
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 – General Securities Representative Examination
- Series 24 – General Securities Principal Examination
He is a registered broker in 18 states and is a registered investment adviser in Illinois and Texas.
Other than Cetera Advisors, Ronald Whittingham has worked with the following firms
- Opus Wealth Management Group (CRD#:176525)
- LPL Financial (CRD#:6413)
- FSC Securities Corporation (CRD#:7461)
- Advice Network Consultants (CRD#:147989)
- Lasalle St Securities (CRD#:7191)
Kurta Law Can Help
If you have been victimized by Ronald Whittingham as a broker, don’t hesitate to get in touch with us today at 877-600-0098 or firstname.lastname@example.org for a free consultation.
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