Financial Industry Regulatory Authority ("FINRA") BrokerCheck provides you with important information about securities broker Hector Ramos (CRD#: 4172477, Brandon, South Dakota). Notably, FINRA sanctioned Ramos twice, and an investor complained about him. Here's more.
Particularly, Hector Ramos agreed to serve a three-month suspension as a securities broker (June 15, 2020, to September 14, 2020) and to pay $50,000 in restitution to resolve FINRA's allegations that he made unsuitable investment recommendations to a Bishop Rosen Co. Inc. client.
Notably, the financial industry watchdog says that Ramos recommended energy-sector investments. Supposedly, he inappropriately advised an investor who did not have a job, was disabled, and relied on a fixed income. Also, the investor lacked investment experience. Supposedly, the securities broker mainly recommended those volatile energy-sector investments. Because of this, the client purportedly experienced $86,891 in losses.
Additionally, in a FINRA action from 2016, the regulator suspended Hector Ramos as a securities broker for allegedly loaning a client money in violation of FINRA rules. It appears that Ramos worked for Morgan Stanley at the time, and Morgan Stanley did not allow loans between securities brokers and clients. Because of this, Morgan Stanley disaffiliated with Ramos.
Specifically, a client of Morgan Stanley Smith Barney disputed Ramos’ sales practices. Purportedly, Ramos made unsuitable investment recommendations to this client. Supposedly, the client lost money by investing in stocks that Ramos recommended. Not only that, but Ramos purportedly paid the client $10,000 so that they wouldn’t complain. It appears that Morgan Stanley resolved this matter in March 2015 by paying $120,000 to the client.
Did Hector Ramos cause you to experience losses? If so, call Soreide Law Group at (888) 760-6552 and speak with a securities lawyer about a potential recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered compensation for many United States investors who incurred losses because of their financial advisors and securities brokers. Please note that Ramos denies all allegations of his sales practice violations.
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