Investment Advisor and Broker/Dealer Fraud, Mismanagement and Misrepresentation Attorney, Russell L. Forkey, Esq.
Ronald Laverne Kersey (CRD #2392393, Registered Rep., Lawrenceville, Georgia) submitted a Letter of Acceptance, Waiver and Consent in which he was fined $24,500, which includes disgorgement of commissions, and suspended from association with any FINRA member in any capacity for three months. The fine must be paid either immediately upon Kersey’s reassociation with a FINRA member firm following his suspension, or prior to the filing of any application or request for relief from any statutory disqualification, whichever is earlier. Without admitting or denying the findings, Kersey consented to the described sanctions and to the entry of findings that he engaged in private securities transactions when he sold securities in the form of ULPs in various resort properties to investors. The findings stated that Kersey participated in a sale of a total of $194,385.96 worth of ULPs to investors and received approximately $19,438.60 in commissions from the sales. The findings also stated that prior to participating in these sales, Kersey failed to provide his member firm with written notice of the sales of ULP products, and failed to obtain the firm’s written approval.
The suspension is in effect from November 1, 2010, through January 31, 2011. (FINRA Case #2009016709012)