Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker/advisor Cecil Allen Ross (CRD # 2391047), currently with San Angelo, TX based International Assets Advisory, LLC (CRD # 10645) was recently suspended from the securities industry and fined by FINRA’s Department of Enforcement during the course of an investigation into unsuitable securities recommendations. The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. Ross.
Registration Background for Cecil Allen Ross
Mr. Ross became registered in the securities industry in December 1993. His prior registrations include LPL Financial LLC (CRD # 6413) from September 2014 to December 2014, Raymond James Financial Services, Inc. (CRD # 6694) from August 2004 to October 2014, Edward Jones (CRD # 250) from January 1997 to August 2004 and Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD # 7691) from November 1995 to February 1997.
FINRA’s Finding and Conclusions
According to FINRA Letter of Acceptance, Waiver and Consent (AWC) dated December 18, 2019, Mr. Ross consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- Between January 1, 2010 and October 31, 2014 , while registered with Raymond James Financial Services, Inc., Mr. Ross “engaged in an unsuitable pattern of short-term trading in Unit Investment Trusts (“UITs”) in customer accounts”;
- “During the relevant period, in connection with 287 customer accounts, Mr. Ross recommended that customers sell their UIT’s well short of their maturity dates and roll over their investments into new UITs”;
- “Ross’s recommendations, which caused his customers to incur unnecessary excess sales charges, were unsuitable considering the frequency and cost of the transactions”;
- As a result of his actions, Mr. Ross violated the following rules of the securities industry:
- NASD Rule 2310, which requires associated persons to deal fairly with customers and others;
- FINRA Rule 2111, which requires associated persons to have a reasonable basis when recommending a transaction or investment strategy.
- FINRA Rule 2010, which requires associated persons, in the conduct of business, to “observe high standards of commercial honor and just and equitable principles of trade.”
FINRA Sanctions Cecil Allen Ross
As a result of such violations and in addition to the above described findings and conclusions, FINRA’s December 18, 2019 AWC also indicates that Mr. Ross consented to the following sanction(s):
- A suspension from association with any FINRA member firm in any and all capacities for four months; and
- A fine of $5,000.00.
Cecil Allen Ross has a History of Customer Complaints
In addition to the findings of FINRA’s Department of Enforcement, FINRA BrokerCheck for Mr. Ross reveals he has a history of customer complaints and/or arbitrations:
- On June 3, 2014 a customer initiated complaint against Mr. Ross was made that evolved into an arbitration. The complaint and/or arbitration that Mr. Ross sold unsuitable investments and engaged in excessive trading. The customer alleged damages in the amount of $904,431.00. On October 22, 2015, after a hearing on the merits, the arbitration panel awarded the customer damages in the amount $100,000.00;
- On March 4, 1999, a customer filed a complaint with Mr. Ross’s member firm alleging that Mr. Ross gave incorrect advice regarding the sale of her annuity. The customer also questioned the appropriateness of his recommendation to transfer from the annuities to mutual funds with the same investment objectives. On April 6, 1999, Raymond James denied the claim.
If you or someone you know has or had a brokerage account with Mr. Cecil Allen Ross and have concerns regarding losses in your investments or possible fraud, you may be entitled to recover lost funds. The Law Office of Kevin J. Deloatch, Esq. has an extensive securities law practice and over 30 years of experience on Wall Street. Call today at (646) 792-2156 for a free consultation. The time to file your claim may be limited so you should call today to avoid delay.