RONALD P. RAFALOFF (CRD# 1045883) former broker from Bakersfield, California, was barred by FINRA for allegedly using the investment of a 74 year-old woman from Red Bank for his own personal use, guaranteed the client against losses, and making false statements to his employer.
According to FINRA, the client made a $405,000 investment with Rafaloff, and Rafaloff told her he had invested $340,000 in three companies and promised annual returns of 30 percent to 40 percent. None of these companies had enough money to pay the investor what was promised, and one of the companies was founded by Rafaloff and his son only one week before the woman's initial investment. This client received $120,500 from February 2011 - December 2012, but shortly after the payments stopped altogether. Ralaloff, according to FINRA, used $168,000 for his own personal expenses.
Rafaloff, of Ridgewood, New York, worked at Liberty Partners Financial Services LLC based in Bakersfield, California.
Below is a list from FINRA's BrokerCheck of Ronald P. Rafaloff's employers:
08/2010 - 03/2013 LIBERTY PARTNERS FINANCIAL SERVICES, LLC (CRD# 130390) - BAKERSFIELD, CA
07/2010 - 08/2010 EQUITY SOURCE PARTNERS, LLC (CRD# 140227) - HUNTINGTON, NY
08/1996 - 07/2003 RGR FINANCIAL CORP. (CRD# 40898) - FREEHOLD, NJ
07/1996 - 08/1996 JW CHARLES SECURITIES,INC. (CRD# 33832) - BOCA RATON, FL
07/1993 - 06/1996 SMITH BARNEY INC. (CRD# 7059) - NEW YORK, NY
10/1992 - 07/1993 LEHMAN BROTHERS INC. (CRD# 7506) - NEW YORK, NY
10/1986 - 10/1992 ADVEST, INC. (CRD# 10) - HARTFORD, CT
04/1983 - 10/1986 SWINK & COMPANY, INC. (CRD# 7111)
05/1982 - 02/1983 M V SECURITIES, INC. INC. (CRD# 7201)
The Soreide Law Group represents our clients nationwide before FINRA. Call and speak to an attorney at no cost on how to potentially recover financial losses due to your broker or financial advisor: 888-760-6552.
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