There are options for customers of W&S Brokerage Services, Inc. broker Ronald Daley (CRD# 4682165)? Ronald Daley was registered with W&S Brokerage Services, Inc. in West Chester, Ohio from 2009 to 2021, when he was terminated regarding, “W&SBS terminated his registration after W&S Life (“WSLIC” approved outside business activity) terminated his employment upon discovery that he violated WSLIC policies by failing to meet reporting requirements under WSLIC policy (not U4 or securities related). Prior to termination, there was also a complaint made on behalf of an elderly customer through her Power of Attorney alleging conversion of funds withdrawn from life insurance and fixed annuities between September 2015 to February 2020. These alleged actions of the representative are still under review for any signs of misconduct or inappropriate activity related to the customer complaint.”
In September 2021, FINRA barred Ronald Daley after he “consented to the sanction and to the entry of findings that he refused to appear for on-the-record testimony or to produce documents and information requested by FINRA in connection with its investigation into his potential conversion of funds from elderly customers.”
Ronald Daley Customer Complaints
Ronald Daley has been the subject of two customer complaints between 2019 and 2021, according to his CRD report:
- May 2021. “Firm received a complaint on behalf of an elderly customer through her Power of Attorney alleging conversion of funds withdrawn from life insurance and fixed annuities between September 2015 to February 2020.” The customer is seeking $500,000 in damages and the case is currently pending. The complaint was regarding variable annuities and insurance investment losses.
- November 2019. “Client claims he was misinformed regarding a feature pertaining to this product during the sale of the product back in September 2017. Client claims that we was informed that an RMD would not negate a 7% roll-up to the contract’s benefit base. In years 2 and 3, the contract did not not receive the “roll-up” because the client took an RMD.” The customer sought $78,762 in damages and the case was settled for $76,108.76. The complaint was regarding variable annuities.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, W&S Brokerage Services, Inc. may be liable for investment or other losses suffered by Ronald Daley’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.