Ryan P. Friel

Ryan is a member of both the Securities & Investments Professional Liability and Privacy and Data Security Practice Groups. He represents FINRA member firms, registered representatives and registered investment advisors in state and federal court as well as in Financial Industry Regulatory Authority (FINRA) arbitration and expungement proceedings in addition to a wide range of investigations, examinations, inquiries and enforcement matters. Ryan’s privacy and data security practice involves defending clients in both privacy-related litigation, and technology related claims and litigation as well as handling regulatory investigations for clients from a wide breadth of industries in matters stemming from data privacy and security incidents.

Prior to joining the firm, Ryan was an Assistant District Attorney in the Economic and Cyber Crimes Unit of the Philadelphia District Attorney’s Office. In his role as a prosecutor, Ryan gained significant trial experience with a particular focus on white-collar and computer-based crimes. Ryan also worked at FINRA where he assisted in bringing enforcement actions against broker-dealers and their registered representatives. Ryan’s time at FINRA gives him a unique insight into the ever-changing regulatory landscape his clients face, including the protection of financial and personal customer information under the SEC’s Regulation S-P. Ryan began his legal career at a boutique litigation firm where he represented professional athletes in investment fraud cases where he helped recover millions of dollars in losses.

Ryan is a member of the Advisory Board of St. Francis de Sales School, an independent, non-Archdiocesan elementary school located in West Philadelphia that provides a Catholic education to a diverse student body of all faiths and backgrounds most of whom come from economically depressed areas of Philadelphia.

Ryan is a 2008 graduate of Fairfield University where he earned a Bachelor of Arts Degree and a 2012 graduate of Syracuse University College of Law where he graduated cum laude.

Honors & awards

Pennsylvania Super Lawyers Rising Star
2023

Year joined

2020

Results

$200,000 FINRA case dismissed.

Securities & Investments Professional Liability
November 1, 2022

We obtained dismissal of a Financial Industry Regulatory Authority (FINRA) case in which the claimant was seeking in excess of $200,000 in damages. The dismissal was based upon FINRA’s rule setting forth a six-year eligibility period in which a claim may be arbitrated. The claimant made the investments at issue in 2015 but did not file his Statement of Claim until 2022. Claimant’s counsel argued that the “trigger date” for eligibility was in 2018, which is the date the claimant learned of an alleged Ponzi scheme involving the investments.

Thought Leadership

Proposed FINRA Rule 3290-A Regulatory Breakthrough or a Halfhearted Attempt at Real Reform?

Philadelphia - Headquarters
Securities & Investments Professional Liability
June 10, 2025

Panel Dismisses Claimant’s Claims Without Prejudice in Their Entirety Pursuant to Rule 12504 of the Code for Lack of FINRA Jurisdiction

Philadelphia - Headquarters
Securities & Investments Professional Liability
January 1, 2025
The claimant’s claim related to the alleged unsuitability of her investment in CFSI stock. However, the panel unanimously granted the respondents’, Moody Capital and Rosenstein, motion to dismiss pursuant to FINRA Rule 12504. Case Law Alerts, 1st Quarter, Janu

Complex Claimant Scenario Leads to $1 Million Judgment for Plaintiffs

Philadelphia - Headquarters
Securities & Investments Professional Liability
July 1, 2024
In a case stemming from alleged losses from GWG L Bonds, two out of six claimants had their claims dismissed with prejudice as a sanction for discovery violations. Case Law Alerts, 3rd Quarter, July

Failure to Comply with Discovery Order Results in Dismissal with Prejudice and Monetary Sanctions

Philadelphia - Headquarters
Securities & Investments Professional Liability
July 1, 2024
Six claimants asserted causes of action for suitability, churning, failure to supervise, breach of fiduciary duty, breach of contract, unauthorized trading, negligence, misrepresentation and omission of facts. Case Law Alerts, 3rd Quarter, July

Managing Cybersecurity Threats in 2024 Season 2 Episode 2

Philadelphia - Headquarters
Privacy & Data Security
July 1, 2024

CLASSES/SEMINARS TAUGHT

PLUS Podcast, Managing Cybersecurity Threats in 2024, Episode 2: SEC Amendment's Impact on Compliance and Reporting, July 2024

Outside Business Activities: Overview and Best Practices for Broker-Dealers, 7th Annual CNA Life Agent and Broker-Dealer Conference, October 5, 2023