Washington State Accuses Advisor Ron Hannes of Defrauding Clients
On March 25, 2020 the Washington Securities Division reportedly entered a Statement of Charges against financial advisor Ronald Walter Hannes (CRD #1462241). According to Hannes’ broker profile, the Securities Division alleges that Hannes violated the Securities Act of Washington with an alleged scheme to “defraud his clients by selling unregistered, fictitious investments, concealing these sales from his broker-dealer, and falsifying documents in response to the broker-dealer’s internal investigation.”
The Washington Securities Division further alleges that Hannes defrauded at least nineteen clients of at least $2.9 million. The Securities Division states its intent to enter an order to cease and desist from violations of the Securities Act of Washington, to impose a fine of $100,000, to charge investigative costs of $5,000, and to deny any of Hannes’s future investment adviser representative or securities salesperson applications for registration.
FINRA Reportedly Bars Advisor Ronald “Ron” Hannes after Allegations of Converting Customer Funds
On February 13, 2020, the Financial Industry Regulatory Authority (FINRA) reportedly barred Hannes after he failed to produce documents and information requested by FINRA during its investigation into allegations that he converted customer funds.
The findings stated that Woodbury Financial, Hannes’ member firm, reportedly terminated his association with it and disclosed that it received notice from a client that funds were paid to Hannes for purchase of a life insurance contract that were not forwarded to the life insurance company.
According to his broker profile, Hannes was reportedly registered with Woodbury Financial in Spokane, Washington for 25 years until he was allegedly dismissed in December 2019.
Filing a Complaint against your Brokerage Firm
The White Law Group is investigating potential securities fraud claims involving former financial advisor Ronald Hannes and the liability that Hannes’ employers may have for failure to properly supervise him.
When brokers violate securities laws the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Franklin, Tennessee.
We represent investors in FINRA arbitration claims in all 50 states, including Washington. If you are concerned about your investments with Ronald Hannes, you may be able to file a complaint against your brokerage firm. Please call the securities fraud attorneys at The White Law Group at 888-637-5510 for a free consultation.
For more information on The White Law Group, and its representation of investors, please visit www.WhiteSecuritiesLaw.com.