Ralph Oelbermann (CRD# 1962900) an investment advisor and broker from Palm Beach Gardens, Florida, was fined $110,000 by state regulators and barred by the Florida Office of Financial Regulation (OFR) from working in Florida's financial industry.
Oelbermann was previously registered at LPL Financial and J.W. Cole Financial, both of Palm Beach Gardens. It was reported that Oelbermann did not respond to the administrative complaint by the Florida Office of Financial Regulation. He was terminated after customers allegedly reported unauthorized trading in their accounts.
The OFR alleged that Oelbermann had 15 trading accounts but 12 of them were not funded by clients. In the non-funded accounts, he would allegedly purchase securities close to the end of the month and then sell it all within 15 days. This in turn made Oelbermann $23,200 in commissions.
According to FINRA's BrokerCheck, Ralph Oelbermann was previously registered with the following securities firm(s):
10/2013 - 12/2013 J.W. COLE FINANCIAL, INC. (CRD# 124583) - PALM BEACH GARDENS, FL
12/2012 - 10/2013 LPL FINANCIAL LLC (CRD# 6413) - PALM BEACH GARDENS, FL
09/2011 - 11/2012 SECURITIES AMERICA, INC. (CRD# 10205) - PALM BEACH GARDENS, FL
07/2008 - 10/2010 NATIONAL SECURITIES CORPORATION (CRD# 7569) - BOCA RATON, FL
09/2001 - 08/2008 GUNNALLEN FINANCIAL, INC (CRD# 17609) - PALM BEACH GARDENS, FL
07/1997 - 09/2001 FIRST UNION SECURITIES FINANCIAL NETWORK, INC. (CRD# 11025) - ST. LOUIS, MO
07/1997 - 08/1997 WORTHINGTON CAPITAL GROUP, INC. (CRD# 28595) - GARDEN CITY, NY
04/1996 - 07/1997 INVESTORS ASSOCIATES, INC. (CRD# 958) - HACKENSACK, NJ
FINRA expelled the firm in 05/1998
07/1994 - 04/1996 CORPORATE SECURITIES GROUP, INC. (CRD# 11025) - ST. LOUIS, MO
06/1989 - 08/1994 HIBBARD BROWN & CO., INC. (CRD# 18246) - NEW YORK, NY
FINRA expelled the firm in 02/1996
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