Former Morgan Stanley broker Ron Filoramo (CRD# 3270398) was barred by FINRA and the Securities and Exchange Commission (SEC) related to unauthorized trading in customer accounts. He has been registered with Morgan Stanley in Fort Lauderdale, Florida, from 2011 to 2023, when he was terminated regarding, “Advisor terminated following allegations he fraudulently induced clients to transfer funds to purported investments that were never made.”
In September 2023, FINRA barred him after he “consented to the sanction and to the entry of findings that he failed to provide documents and information requested by FINRA in connection with its investigation into allegations that he fraudulently induced clients to transfer funds to purported investments that were never made.”
In September 2023, the SEC opened an investigation into the broker alleging a multi-year fraud.
In October 2023, the SEC barred him related to his participation in the offering of a penny stock. The SEC alleged that between February 2017 and October 2021, he “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.”
Ron Filoramo Customer Complaints
He has been the subject of four customer complaints in 2023, according to his CRD report:
April 2023. “Client alleges her financial advisor induced her to transfer funds to a purported outside investment that cannot be located. 2020-2022.” The customer sought $62,000 in damages, and the case was settled for $61,443.90.
April 2023. “Client alleges her financial advisor fraudulently induced her to transfer funds to purported outside investments that were never made. 2016-2018.” The customer is seeking $290,000 in damages, and the case is currently pending.
April 2023. “Client alleges his financial advisor fraudulently induced him to transfer funds to purported outside investments that were never made. 2021.” The customer is seeking $172,133.75 in damages, and the case is currently pending.
March 2023. “Client alleges his financial advisor fraudulently induced him to transfer funds to purported outside investments that were never made. 2014-2019.” The customer is seeking $335,850 in damages, and the case is currently pending.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Morgan Stanley may be liable for investment or other losses suffered by Ron Filoramo’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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