Former Pruco Securities Broker Ronald T. Dunn has been accused of borrowing $40,000 from a customer and failing to fully repay the customer back.
Ronald Terry Dunn (CRD# 1374701) was formerly a broker with Pruco Securities, LLC in Texas. According to regulatory documents, on November 21, 2013, Dunn was terminated from Pruco Securities and subsequently suspended from the securities industry for two months and ordered to pay a $5,000 fine for borrowing $40,000 from a customer.
On July 28, 2014, Pruco filed updated disclosures with regulators indicating that Dunn was the subject of an internal review for accepting money from one of his clients’ variable annuity policies, placing those funds into his personal bank account, and failing to fully repay the customer with the agreed-upon interest.
Upon Pruco’s updated disclosures, FINRA initiated its own investigation. Among other things, FINRA stated that it found that Dunn had only paid a fraction of the $40,000 back to the customer.
In a Letter of Acceptance, Waiver & Consent, Dunn consented to FINRA’s findings and sanctions.
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