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Steven D. Ridgley, Ex-Waddell & Reed Broker, Fined and Suspended by FINRA

By March 29, 2016September 20th, 2017News

Former Waddell & Reed adviser Steven D. Ridgley (who operated under the RBR Group) has accepted a suspension and fine from FINRA relating to allegations that he executed trades in client accounts without obtaining written authorization from the customers.

According to Ridgley’s Letter of Acceptance, Waiver and Consent (“AWC”) with FINRA, he “exercised discretion in effecting hundreds of securities transactions in approximately 80 customer accounts” and “Ridgley did not obtain written authorization from his customers to exercise discretion in their accounts.”

Ridgley agreed to a two-month suspension from the industry and to pay a $10,000 fine relating to the allegations of unauthorized trading.

A review of Ridgley’s FINRA BrokerCheck report shows that he was discharged by Waddell & Reed on January 27, 2015.  Ridgley is currently employed by International Assets Advisory.

Ridgley’s partners at the RBR Group, Michael Rasmovich and Carlos Benavidez, previously agreed to their own settlements with FINRA in January 2016.

The FINRA disciplinary proceeding relating to Ridgley is No. 2014043025703.

The FINRA disciplinary proceeding relating to Benavidez is No. 2014043025701.

The FINRA disciplinary proceeding relating to Rasmovich is No. 2014043025702.

Fishman Haygood represents investors who have suffered investment losses in claims against their brokers or financial advisors. Our experienced attorneys have brought securities fraud cases in state and federal courts across the nation, as well as in FINRA arbitration. We work to help investors recoup their losses.

Of course, all cases are different. For that reason, we analyze each client’s matter individually and provide our personalized evaluation only after considering all of the facts and circumstances of all possible claims. If you or someone you know is the victim of securities fraud, please contact a Fishman Haygood lawyer today.

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