According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Ron Filoramo (Filoramo), previously associated with Morgan Stanley, has at least 2 disclosable events. These events include 2 regulatory events, alleging that Filoramo recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on October 11, 2023.
The Securities and Exchange Commission (‘Commission’) deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, against Ronald E. Filoramo (‘Filoramo’ or ‘Respondent’).\<char_lb_r>\, Respondent has submitted an Offer of Settlement (the ‘Offer’) which the Commission has determined to accept.\<char_lb_r>\, The commission finds that on October 2, 2023, a judgment was entered by consent against Filoramo permanently enjoining him from future violations of Section 17(a) of the Securities Act of 1933, and Section 10(b) of the Exchange Act and Rule 10b-5 thereunder, in the civil action entitled Securities and Exchange Commission v. Ronald E. Filoramo, Civil Action Number 0:23-cv-61858, in the United States District Court for the Southern District of Florida.\<char_lb_r>\, The Commission’s complaint alleged, among other things, that from approximately February 2017 through October 2021, Filoramo misappropriated approximately $761,000 from two of his long-standing brokerage customers. Filoramo represented that he would invest the customers’ funds in securities he recommended, but instead misappropriated the money for his personal benefit, namely for gambling and related expenses. To conceal his fraud, Filoramo recommended to the customers that they purchase bonds from a purported MSSB client and instructed them to send their funds directly to that client. Filoramo also created fake documents that purported to show the bond purchases. In fact, the customers unknowingly transferred their funds to bank accounts controlled by one of Filoramo’s friends who, in turn, transferred the funds to a bank account controlled by Filoramo. No bonds were ever purchased, and Filoramo spent almost all of the money, mainly at casinos.
Securities Lawyers Blog
