The Financial Industry Regulatory Authority has suspended a former Osaic Wealth representative for three months and ordered him to pay $5,000 for borrowing $173,000 from two of his clients, who were senior retail investors.
According to FINRA's order, Ronald Ray Botello was with Osaic Wealth from November 2018 to February 2025. On Feb. 19, Osaic Wealth filed a Form U5 for Botello. On March 14, Osaic Wealth amended Botello’s Form U5 to disclose that the firm had discharged him after he “admitted to borrowing money from … clients without notice to or approval by the [f]irm.”
In December 2024, while associated with Osaic Wealth in San Antonio, Botello borrowed $128,000 from one retail customer and $45,000 from the other and "used the borrowed funds to make a payment in connection with a personal investment," according to FINRA.
"Botello had a personal friendship with each customer, but neither was a member of his immediate family," the order states. "The loans were undocumented and did not include any interest payments."
In June and July 2025, Botello repaid both loans in full.
Botello’s loans from his customers were not permitted under Osaic Wealth’s written supervisory procedures, and Botello did not provide prior notice to, or obtain approval from, Osaic Wealth for the loans, FINRA said.
Botello accepted and consented to the findings by FINRA without admitting or denying them.
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