Ernest Romer Barred by FINRA: Pending Investigation

Ernest Romer has been barred by FINRA

Update August, 2017: Michigan seeks cease and desist, intent to bar.

On August 16, 2017 the state of Michigan’s Securities Division issued a notice of intent to revoke the securities licensing of Ernest Romer and asked that a cease and desist order be issued.

The basis for the request concerns allegations that Romer liquidated funds in his customers’ accounts, then used the proceeds for personal expenses. The department of licensing and regulatory affairs action seeks to impose fines of over one million dollars on Romer based on alleged conduct which purportedly acted as a fraud in the sale(s) of securities.

The Michigan action follows on a bar issued by FINRA in July, 2017 for failing to respond to a FINRA investigation.

FINRA Rule 9552. Failure to Provide Information or Keep Information Current

This FINRA rule provides if a FINRA member fails to provide information or testimony requested or required by FINRA’s By-Laws or FINRA rules, or fails to keep his or her membership and supporting documents current, FINRA, after providing  21 days’ notice may suspend the FINRA membership of the person. If the suspension is not challenged within 90 days, FINRA may bar the individual.

Earlier, in January, 2017 Ernest Romer was discharged by his broker dealer CoreCap Investments for failing to disclose his outside business activities.

Registration and disciplinary history

In order to lawfully sell investments to the public,  a registered rep must either be registered or exempt from registration.  Ernest Romer was registered with:

Corecap Investments from October, 2012 to January, 2017

Leonard and Company from December, 2005 to July, 2012

According to FINRA’s CRD disclosure report, Ernest Romer has been the subject of five customer complaints and four regulatory investigations.

The Law Office of David Liebrader practices exclusively in the field of investment loss recovery.  For the past 23 years, we have dedicated our law practice to assisting investors who have been victims of investment fraud via fraudulent and unsuitable investment transactions.  During that time we have recovered money for over one thousand individuals, pension plans, trusts and companies.  The recoveries we have obtained via judgments, awards and settlements on behalf of our clients exceed $40,000,000.

When investors contact our firm they can expect prompt attention, and a detailed analysis of their issues.  Typical claims that we are asked to review  involve “unsuitability (where a financial advisor makes investment recommendations that are inconsistent with a customer’s investment objectives), claims for “churning” (where a broker enters into an excessive number of trades for the purpose of generating commissions), claims involving illiquid investments such as private placements (I.e., real estate investment trusts, limited partnerships, equipment leasing and oil and gas drilling programs) as well as claims for violations of state securities laws, which often provide investors remedies like attorney’s fees and interest, if they are successful on the claim.

If you suspect that you have been the victim of investment fraud, or had a financial advisor recommend unsuitable investments to you, call us today for a free, confidential consultation at (702) 380-3131.