South Carolina Financial Advisor Named in Five Pending Customer Disputes
Cetera Advisors Network registered representative, Ronald Franklin Metcalf, Jr, is named in five pending customer disputes in which the claimants are seeking more than $6.5M in financial recovery.
All of them accuse Metcalf of failing to supervise other registered representatives while he was a Voya Financial Advisors broker. Two of those Financial Industry Regulatory Authority (FINRA) arbitration cases resulted in huge settlements, including one for $3.5M.
Based out of Greenville, South Carolina, Metcalf was a Voya Financial Advisors broker (and later investment advisor) for 34 years until June 2021. He also is a local ReliaStar insurance agent.
If you suffered losses while working with Ronnie Metcalf as your financial advisor, you may have grounds for a FINRA arbitration claim. If you believe Metcalf’s failure to supervise other financial advisors resulted in investment losses, get in touch with our law firm today.
Shepherd Smith Edwards and Kantas (SSEK Law Firm) can help you explore your legal options. Contact our FINRA arbitration attorneys at (800) 259-9010 today.
There Are 10 Disclosures on the Ex- Voya Financial Broker’s BrokerCheck:
As we noted above, many of the investor claims on Ronnie Metcalf’s BrokerCheck account accuse the broker of being negligent in his duty to supervise the actions of other financial advisors. Failure to supervise claims are filed every single year.
Below are the ten disclosures that broker Ronnie Metcalf has been named in:
- 4/2021: Alleging supervisory failures, this claimant is seeking $500K in damages.
- 3/2021: Another failure to supervise case also requesting $500K in damages.
- 3/2021: A third $500K failure to supervise case.
- 3/2021: Accusing Metcalf of supervisory failures, this customer received a $25K settlement.
- 3/2021: In this still pending claim, the investor is requesting $50K in damages.
- 7/2020: This is a $5M failure to supervise case.
- 7/2020: Voya Financial Advisors settled this supervisory failure claim involving Metcalf for $3.5M.
- 7/2020: This failure to supervise case was settled with the customer for $152,500.
- 11/2019: An $80K settlement was reached in this supervisory failure claim.
- 10/2019: This claimant, also alleging failure to supervise, received a $575K settlement from Voya Financial.
Why Failure to Supervise is a Red Flag for Investors?
All brokerage firms and their registered representatives must comply with various FINRA rules. Some of these rules determine that broker-dealers must have reasonable procedures and systems in place to monitor the actions of their brokers. This is to ensure that investment fraud does not occur.
Broker-dealers must follow a set of compliance rules such as:
- Checking a broker’s history before hiring them.
- Carrying out yearly inspections and reviews to ensure brokers are complying with FINRA rules.
- Monitoring customer transactions and information.
Skilled Failure to Supervise Lawyers
A brokerage firm failing to carry out its supervisory responsibilities is one of the more common reasons that customers lose money. This is because it enables broker misconduct and negligence. It can also be grounds for filing a FINRA arbitration claim against a broker-dealer and the financial advisor.