NJ Bureau of Securities Bars RAMON HERRERA

New Jersey Bureau Of Securities Revokes Ramon Herrera's Securities Agent, Investment Adviser Representative Registration Following FINRA Bar

Soreide Law Group is investigating potential investor claims of bad business practices by securities broker Ramon Herrera [CRD#: 6021170, Jersey City, New Jersey]. Notably, New Jersey Bureau of Securities and Financial Industry Regulatory Authority (“FINRA”) imposed serious sanctions against the securities broker, who worked for Wells Fargo Clearing Services from April 2012 to January 2018. Mainly, Herrera is not allowed to be a securities broker anymore. Not only that, but clients brought disputes about him. Here is a brief summary of the allegations against Herrera:

New Jersey Bureau of Securities Revokes Ramon Herrera’s Registration

Evidently, on October 18, 2019, New Jersey Bureau of Securities issued an Order revoking Ramon Herrera’s securities agent registration and investment adviser representative registration. Specifically, New Jersey Bureau of Securities alleged that Herrera has been expelled by a self-regulatory organization. The Bureau makes reference to FINRA barring Herrera, which provided cause for it to revoke Herrera’s registration. Apparently, the Bureau denied Herrera’s exemption to NJ registration requirements too.

FINRA Bars Herrera For Failure To Respond To Request For Information

Notably, on July 16, 2018, FINRA issued FINRA Case #: 2018057425101 permanently barring Herrera. Specifically, the financial industry watchdog prohibited him from having an association with any FINRA member securities firm in any capacity. Apparently, Herrera ignored or chose not to respond to a FINRA Request for Information. FINRA’s bar comes after it suspended Herrera for the same reason between May 2018 and July 2018.

Ramon Herrera Allegedly Withdraws Client Funds Without Consent

Evidently, on April 12, 2018, a Wells Fargo Advisors client made a formal dispute in reference to Ramon Herrera. Mainly, the client contended that without the client’s permission, Herrera withdrew funds from the client’s account from May 26, 2015 to November 17, 2017. For this reason, on January 10, 2019, Wells Fargo Advisors settled this dispute by paying the client $90,533.

Wells Fargo Advisors Client Indicates Herrera’s Unauthorized Transactions Caused Losses

Apparently, a client of Wells Fargo Advisors contested Ramon Herrera’s actions by making a complaint dated April 4, 2018. Allegedly, Herrera made unauthorized transactions which caused the client to sustain losses. Consequently, Wells Fargo Advisors figured to settle the client’s allegations on June 29, 2018 through making a $20,179.45 payment to the client.

Ramon Herrera Allegedly Excessively Trades Wells Fargo Advisors Client’s Account

Apparently, on January 13, 2018, a Wells Fargo Advisors client filed an investment dispute about Ramon Herrera. Particularly, the client indicated that Herrera made excessive trades. It appears that the securities broker may have also withdrawn more than $75,000 without authorization. As a result, on March 16, 2018, Wells Fargo Advisors resolved this issue through compensating the client to the tune of $105,000.

Did Ramon Herrera Sell You Bad Investments?

Have you experienced losses by investing with securities broker Ramon Herrera? If you have, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a potential recovery of your investment losses. Soreide Law Group provides representation to clients on a contingency fee basis and advances costs. The law firm has recovered millions of dollars for clients who have experienced losses due to misconduct of securities firms and brokers like Herrera.