National investor fraud law firm, KlaymanToskes (“KT”), has commenced an investigation into former Voya Financial and current Cetera Advisors Network registered representative Ronnie Metcalf (“Ronnie Metcalf Voya Financial Cetera Advisors Investigation”) in light of recent FINRA customer disputes filed claiming investment losses relating to the Greenville, SC financial adviser.
Ronnie Metcalf Voya Financial Investigation – BrokerCheck
According to FINRA BrokerCheck, Ronald Franklin Metcalf, Jr. was registered as a broker with Voya Financial Advisors from May 2000 to June 2021 out of the firm’s Greenville, SC office. Ronnie Metcalf is now registered with Cetera Advisor Networks in Greenville, SC.
Ronnie Metcalf’s FINRA BrokerCheck shows 10 customer disputes, including 5 that are still pending. All of the allegations relate to Ronnie Metcalf’s time at Voya Financial. The customer disputes include allegations involving real estate securities, LPs, unit investment trusts, and variable annuities. Of particular note in Ronnie Metcalf’s BrokerCheck is:
- $5,000,000 claim relating to a failure to supervise involving variable annuities, real estate securities and unit investment trusts; and
- $500,000 claim relating to a failure to supervise involving a real estate security
Former Voya Financial Broker Ronnie Metcalf and Customer Dispute Alleging Failure to Supervise
According to Financial Industry Regulatory Authority (FINRA), brokerage firms are responsible for the supervision of all the activities of its financial advisors. FINRA rules require the supervision of financial advisor as well as compliance with the securities industry standards of care for the handling of customer accounts as reflected in brokerage firm compliance manuals. The financial brokerage firm compliance manuals provide written procedures designed to achieve compliance with security industry rules and regulations by financial advisors of the firm.
Brokerage firm computerized systems monitor the activities of financial advisors designed to supervise the specific activities related to the type of business conducted at the branch office. Branch office managers are the first line of defense to protect the investors from violations of FINRA rules and regulations. Brokerage firms and branch office manager are responsible for the supervision of financial advisor:
- hiring and selection;
- communications with customers;
- presentation materials;
- suitable recommendations; and
- client transactions.
Branch office managers can delegate supervisory tasks but not the responsibilities given to them by the brokerage firm. A large number of financial advisors in a branch office may require delegation of supervisory tasks to front-line managers who supervise the day-to-day activities of financial advisors assigned to them for supervision. Due to the number of financial advisors and the number of transactions at the branch office level, a computerized, management by exception system, is used for the oversight of client accounts.
The monitoring and review at the branch office is accomplished through the use of exception reports developed by the brokerage firm to flag certain activities in customer accounts. The activities that are monitored may include:
- percentage decline in financial brokerage account equity;
- levels of margin in brokerage accounts;
- excessive trading or “churning”;
- financial advisor account revenues based on account equity; and
- securities concentration.
Direct communications with customers by the branch managers may be required to determine whether clients understand the investment strategy and the risks associated with the investment strategy recommended by their financial advisor.
Investors who have questions about the activity in their brokerage accounts should not be thwarted in their efforts to obtain further clarification for questions that are not fully answered by their financial advisors.
Investment Losses with Ronnie Metcalf at Voya Financial?
Former and current customers of Ex-Voya and current Cetera Advisors Networks broker Ronnie Metcalf with investment losses that exceed $100,000, and those who may have information relating to the manner in which the broker handled their accounts, are encouraged to contact Lawrence L. Klayman, Esq., at (561) 542-5131, and download our Special Investor Report.
KT is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. KT has recovered more than $220 million for investors in FINRA arbitrations. KT has office locations in California, Florida, New York, and Puerto Rico.
Lawrence L. Klayman, Esq. (561) 542-5131