Securities Arbitration Lawyer Blog
FINRA has suspended International Assets Advisory, LLC broker Ronald Patrick Cameron from the securities industry for five weeks for engaging in an outside business activity without providing prior written notice to his firm. The suspension is scheduled to start on May 17, 2021, and end on June 20, 2021. Cameron was also fined $5,000.
If you have lost money with Ronald Patrick Cameron, or International Assets Advisory, LLC, contact FINRA arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.
FINRA Letter of Acceptance, Waiver, and Consent (“AWC”)
Ronald Patrick Cameron and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on April 22, 2021, over the following findings:
- Between May 2018 and July 2018, while associated with Raymond James Financial Services, Inc., Cameron engaged in an undisclosed outside business.
- Between April 2019 and December 2020, while associated with International Assets Advisory, Cameron engaged in the same undisclosed outside business.
By engaging in an undisclosed outside business activity without providing prior written notice to Raymond James Financial Services and International Assets, Cameron violated FINRA Rules 3270 and 2010.
Outside Business Activities
FINRA Rules 3270 prohibits registered persons from acting as an employee, independent contractor, sole proprietor, officer, director, or partner of another person, or being compensatedfrom any other person as a result of any business activity outside the scope of the relationship with his member firm, unless he has provided prior written notice to the member, in such form as specified by the member. A violation of FINRA Rule 3270 is also a violation of FINRA Rule 2010, which requires registered representatives to observe high standards of commercial honor and just and equitable principles of trade.
In 2018, Raymond James had written supervisory procedures (WSPs) that required registered representatives to disclose all outside business activities through the firm’s designated system and receive written approval prior to engaging in such activities. From April 2019 through December 2020, International Assets’ WSPs required registered representatives to request and receive written permission prior to participating in any outside business activities, and the firm provided a specific form for such requests.
In May 2018, while associated with Raymond James, Cameron filed articles of incorporation with the State of Arkansas for a company he formed to sell recreational vehicles. He was the company’s sole owner and manager. Cameron did not seek prior approval from Raymond James and did not disclose his outside business activity in this company to the firm until July 2018.
In April 2019, Cameron became associated with International Assets but did not provide prior written notice to or receive approval from the firm for his participation in the outside business activity until December 2020. On his annual compliance questionnaire in December 2019, Cameron falsely stated that all his outside business activities had been approved by International Assets.
Ronald Patrick Cameron (CRD#: 2551641)
Cameron entered the securities industry in September 1994. He has 26 years of experience and has been registered as a broker with the following FINRA members:
- International Assets Advisory, LLC, Fayetteville, AR (April 8, 2019 – Present)
- LPL Financial LLC, Fayetteville, AR (November 21, 2018 – April 11, 2019); and
- Raymond James Financial Services, Inc., Fayetteville, AR (December 6, 2013 – December 14, 2018).
Cameron’s FINRA CRD shows one previous regulatory disclosure from the Arkansas Securities Commissioner over findings that he settled a customer complaint away from his firm, Raymond James.
More specifically, the regulator’s Consent Order indicated that Cameron settled a matter directly with a customer for $20,000 in exchange for a full release. The customer then filed a Statement of Claim against Raymond James seeking $297,930 in compensatory damages. The claim alleged unsuitable recommendations, over-concentration, failure to disclose material facts, failure to supervise, and failure to conduct due diligence in an individual retirement account held with the firm. Raymond James permitted Cameron to resign following an internal review of the matter. The firm eventually settled the matter for $100,000.
Cameron was fined $8,000 by the Arkansas regulator.
How to Recover Losses or Obtain a Free Consultation
Iorio Altamirano LLP represents investors in disputes with their financial advisors or brokerage firms, such as International Assets Advisory, LLC.
If you have lost money with Ronald Patrick Cameron or International Assets Advisory, LLC, contact FINRA arbitration lawyers August Iorio and Jorge Altamirano of Iorio Altamirano LLP at august@ia-law.com, jorge@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. We pursue FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by financial advisors and brokerage firms.