Alvin Charles Ramsey, Proequities Barred from securities industry.

FINRA recently announced that Alvin Charles Ramsey, formerly a registered representative with Proequities, Inc. (a FINRA registered broker-dealer based in Martinez, Georgia) has been barred from association with any FINRA member in any capacity. Without admitting or denying the findings, Ramsey consented to the sanctions and to the entry of findings that he served as a registered representative for an elderly customer who executed a power of attorney, giving Ramsey broad authority over her financial affairs. The findings further stated that the customer asked Ramsey to invest $600,000 in a variable annuity, and then, without the customer’s knowledge or authorization, Ramsey used the power of attorney to obtain approximately $482,000 in withdrawals from the annuity, which, after taxes were deducted, totaled approximately $373,750. The findings also stated that checks for $373,750 were issued in the customer’s name and sent to Ramsey’s customer’s check account, but he converted some of the funds for his personal use without the customer’s knowledge or authorization. FINRA found that separately, Ramsey borrowed $275,000 from the customer and, in total, owes the customer approximately $500,000.

According to his FINRA Broker Report (CRD), prior to working at Proequities, Inc., Alvin Charles Ramsey was a registered representative with Investacorp, Inc., a broker-dealer based in Miami Lakes, Florida.

If you have questions regarding investments you made with Alvin Charles Ramsey, or if you believe that you have been the victim of a securities fraud, The White Law Group may be able to help. The White Law Group is a national securities fraud, securities arbitration and investor protection law firm with offices in Chicago, Illinois and Boca Raton, Florida. The firm has over 30 years of experience reviewing securities fraud claims and handles matters throughout the country and Georgia, including reviewing securities fraud cases in Martinez, Augusta, Evans, North Augusta, and Aiken, South Carolina. To contact the firm, please call 312-238-9650. Or, for more information on The White Law Group, please visit our website at https://whitesecuritieslaw.com.