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)

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

Published Works

•'Proposed FINRA Rule 3290-A Regulatory Breakthrough or a Halfhearted Attempt at Real Reform?' The Legal Intelligencer, June 10, 2025
•'DOL's Retirement Security Rule Imposes New Fiduciary Standards on Financial Services, Insurance Industries,' The Legal Intelligencer, May 10, 2024
•'FINRA Proposal Creates Urgency for Brokers Seeking Expungement of Customer Complaints,' The Legal Intelligencer, May 4, 2023
•'FINRA, the SEC and Congress Aim to Safeguard Senior Investors,' The Legal Intelligencer, Co-Author, May 12, 2022
•'The Sale of High Commission Products Under Regulation Best Interest', Aon Advisor Solutions, Fall 2020 Newsletter

Results

$200,000 FINRA case dismissed.

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. We argued that the eligibility period began on the date of the investments in 2015. The three-member panel of arbitrators unanimously agreed with our position. Motions to dismiss are rarely granted because FINRA encourages its arbitrators to allow claimants the opportunity to present their case on the merits at an evidentiary arbitration proceeding.

Thought Leadership

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

June 10, 2025

In an era of rapid innovation and expanding financial services, the lines between professional roles and personal ventures are blurrier than ever. Against this evolving backdrop, FINRA has introduced Proposed Rule 3290-its most significant attempt in decades to overhaul how it regulates the outside business activities (OBAs) and private securities transactions (PSTs) of registered representatives. This proposed rule seeks to replace two longstanding, often-criticized rules-Rules 3270 and 3280-with a unified framework intended to simplify compliance, reduce ambiguity, and reflect the realities of today’s financial market-place. But is this truly a modernization of outdated regulations or merely a cosmetic update that fails to address the core concerns of broker-dealers and their registered representatives?

Case Law Alerts

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

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. Specifically, for various reasons, including that the claimant never held a customer account with the respondents containing any of the securities at issue, the panel found the respondents were not associated with the account(s), security(ies) or conduct at issue in the Statement of Claim. Case Law Alerts, 1st Quarter, January 2025 is prepared by Marshall Dennehey to provide information on recent developments of interest to our readers. This publication is not intended to provide legal advice for a specific situation or to create an attorney-client relationship. Copyright 2024 Marshall Dennehey, all rights reserved. This article may not be reprinted without the express written permission of our firm.

News

Marshall Dennehey Announces 2024 Shareholder Class And Special Counsel Promotions

December 19, 2023