FINRA Bars Former Spartan Capital Advisor Ron Smith for Failing to Produce Requested Records
The Financial Industry Regulatory Authority (FINRA) has barred former Spartan Capital Securities advisor Ron Smith (CRD #6038062) after he refused to fully comply with requests for documents and communications related to an investigation into his trading activity.
FINRA records show that Smith, now a broker with Sanford C. Bernstein & Co. and an investment advisor with AllianceBernstein, was under investigation for potential excessive trading—also known as churning—while previously registered with Spartan Capital.
Failure to Cooperate with FINRA Investigation
According to a Letter of Acceptance, Waiver, and Consent (No. 2018056490334) signed in November 2025, FINRA requested that Smith produce documents, information, and electronic communications as part of its probe into his trading practices.
Although Smith submitted a partial response, FINRA found that he failed to provide all requested documents, including electronic communications, and later informed the regulator—through counsel—that he would not produce the remaining materials.
FINRA determined that Smith’s refusal violated FINRA Rule 8210, which requires registered persons to fully comply with investigative requests, and FINRA Rule 2010, which mandates adherence to high standards of commercial honor. As a result, he was barred from associating with any FINRA member firm in any capacity as a broker.
Broker Background
Smith has 12 years of securities industry experience. He joined Sanford C. Bernstein & Co. and AllianceBernstein in 2024 after leaving Spartan Capital. Although he continues to serve as an investment advisor, he is barred from re-registering as a broker.
Excessive Trading Risks for Investors
Excessive trading, or churning, occurs when brokers engage in frequent and unnecessary transactions to generate commissions at the expense of the customer’s best interests. This misconduct can lead to substantial and avoidable losses—particularly for investors with conservative objectives.
FINRA’s action against Smith underscores the regulator’s commitment to monitoring suspicious trading activity and holding brokers accountable when they refuse to cooperate with investigations.
Silver Miller Represents Victims of Excessive Trading and Unauthorized Activity
If you invested with Ron Smith, Spartan Capital, or any broker suspected of excessive or unsuitable trading, you may have the right to pursue recovery of your losses.
Silver Miller represents investors nationwide in claims involving churning, unauthorized trading, broker misconduct, and supervisory failures. Our attorneys pursue claims through FINRA arbitration and civil litigation to help victims recover stolen or improperly handled funds.
Contact Silver Miller for a free, confidential consultation. We work on a contingency fee basis—meaning you pay nothing unless we recover for you.
