RONALD FILORAMO Charged in Alleged $761K Client Theft

The South Florida-based, Soreide Law Group, obtained the following information on Florida broker, RONALD ERNEST FILORAMO (RONALD FILORAMO) formerly of Morgan Stanley of Ft. Lauderdale, Florida, from FINRA’s BrokerCheck.

On September 19, 2023, FINRA barred Filormo from acting as a broker or otherwise associating with a broker-dealer firm. RONALD FILORAMO was previously registered both as a broker and as an investment advisor. According to BrokerCheck, he was listed with Morgan Stanley in Ft. Lauderdale from 04/29/2011 - 05/31/2023.

Without admitting or denying FINRA’s findings, RONALD FILORAMO, consented to the sanction and to the entry of findings that he allegedly failed to provide documents and information requested by FINRA in connection with its investigation into allegations that he fraudulently induced clients to transfer funds to purported investments that were never made.

In a recent article from Financial Advisor IQ, they state that the Securities and Exchange Commission (SEC) has reached a partial settlement with RONALD FILORAMO who was fired in May of 2023 surrounding allegations of soliciting bogus investments.

According to the article, the SEC alleges that over a five-year period, Filoramo allegedly recommended that clients invest in high-yield bonds owned by a wealthy Morgan Stanley Smith Barney client, by making payments directly to that client’s account. The client was Filoramo’s friend, who allegedly then transferred the investors’ money, which was meant for the bonds, directly to RONALD FILORAMO without making the bond investments, the SEC alleged in a complaint filed in the U.S. District Court for the Southern District of Florida.

The Financial Advisor IQ article further states that RONALD FILORAMO, allegedly tried to hide this scheme by providing the clients with bogus documentation for the purported bond purchases, the SEC charged. Allegedly, Filoramo stole $761,000 from two clients, which he then spent on “gambling and related expenses,” the SEC alleged. Filoramo agreed to an order enjoining him from future violations and to pay disgorgement, prejudgment interest, and civil penalties to be determined by the court, the SEC said.

According to FINRA’s BrokerCheck, RONALD FILORAMO, had been in the securities industry for 23 years and was listed with 5 firms.  He has 6 disclosures on his FINRA CRD report. Four of the disclosures are “Customer Disputes,” all are pending and filed in 2023. One disclosure is the “Regulatory” barring him from the industry and there is one “Employment Separation after Allegations,” discharging him from Morgan Stanley 5/1/2023 following the allegations, “Advisor terminated following allegations he fraudulently induced clients to transfer funds to purported investments that were never made.”

If you or a loved one experienced investment losses due to the actions or recommendations of RONALD FILORAMO, formerly of Morgan Stanley, Ft. Lauderdale, Florida, contact the South Florida based Soreide Law Group and speak to an experienced securities lawyer at no cost regarding the possible recovery of your financial losses through a FINRA arbitration at:  888-760-6552.

Soreide Law Group represents clients nationwide before FINRA on a contingency fee basis, no fee to you if no recovery.