National investment loss lawyers KlaymanToskes continues investigating broker Ron Filoramo (CRD# 3270398), who has been permanently barred from acting as a broker or associating with a broker-dealer firm by the Financial Industry Regulatory Authority (“FINRA”), and is also facing charges initiated by the Securities and Exchange Commission (“SEC”), in connection with allegations that he fraudulently stole $761,000 from his Morgan Stanley customers.
According to FINRA BrokerCheck, Ron Ernest Filoramo was registered with Morgan Stanley in Fort Lauderdale, FL from 2011 to May 2023, when he was terminated following allegations that he fraudulently induced clients to transfer funds to purported investments that were never made.
Filoramo allegedly represented that he would invest his customers’ funds in securities, but instead misappropriated the money for his personal benefit, namely for gambling and related expenses. In order to conceal his fraud, FINRA found that Filoramo recommended to the customers that they purchase bonds from a purported Morgan Stanley client, and instructed them to send their funds directly to that client. Filoramo also reportedly created fake documents that purported to show the bond purchases.
Investors that suffered losses with Ron Filoramo and/or any other broker at Morgan Stanley may have recovery options. Contact attorney Lawrence L. Klayman, Esq., at 888-997-9956 or lawrence@klaymantoskes.com for a free consultation to discuss legal options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
In accordance with FINRA Rule 3270, all financial professionals are required to report and receive approval from their brokerage firm before engaging in any business activity outside of his/her relationship with the firm.
Brokers/financial advisors and their firms have a fiduciary duty to recommend suitable investments that are in their customers’ best interests. Brokers/advisors must consider an investment’s risk, ensure that they do not misrepresent material facts, and/or overconcentrate the customer’s portfolio in unsuitable investments.
Further, financial professionals and their firms cannot disregard a customer’s risk-tolerance when making unsuitable investment recommendations. The violations discussed above each provide a basis for liability in a FINRA arbitration claim. FINRA arbitration is a more cost-effective process for investors, often occurring with increased speed and efficiency over a court proceeding. To learn more about additional securities violations, see our account activity violations page.
Former and current customers of Ron Filoramo who suffered investment losses at Morgan Stanley are encouraged to contact attorney Lawrence L. Klayman, Esq. at (888) 997-9956 or lawrence@klaymantoskes.com to discuss our investigation and your recovery options. We do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
About KlaymanToskes
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
KlaymanToskes, P.A.
Lawrence L. Klayman, Esq.
888-997-9956
lawrence@klaymantoskes.com
www.klaymantoskes.com