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Written by 2:41 pm Current Investigations, Securities Fraud Articles

Ramon A. Herrera Broker Investigation

Ramon A. Herrera Broker Investigation

Ramon A. Herrera in Jersey City, NJ Pleads Guilty

Are you concerned about investments with Ramon A. Herrera in Jersey City, NJ? If so, the securities attorneys at The White Law Group may be able to help you by filing a FINRA Dispute Resolution claim.

According to a news release on October 24, financial advisor Ramon A. Herrera has pleaded guilty to one count of wire fraud for allegedly misappropriating close to $500,000 from 40 Wells Fargo customers while he was purportedly employed there as a registered advisor.

Herrera purportedly convinced his customers,  many of whom were elderly and/or Spanish-speaking, to sign blank withdrawal slips, which Herrera then allegedly presented to bank tellers at the Wells Fargo bank branches, according to the article.

Herrera would allegedly withdraw the money from the customers’ accounts in the form of cashier’s checks and apply the checks against the various personal accounts that he and a family member purportedly maintained at the same financial institution, according to authorities.

According to his FINRA BrokerCheck report, Herrera was reportedly affiliated with Wells Fargo Clearing Services in Jersey City, NJ from 2012 until 2018. He reportedly has three customer complaints filed against him in the past year, including allegations that he “withdrew funds from client’s account without his permission.”

Investigating Potential Lawsuits

The White Law Group is investigating potential lawsuits regarding the liability that Herrera’s employers may have for failure to properly supervise him.

When brokers violate securities laws, such as misappropriating clients’ funds, or making excessive trades, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration.

Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Franklin, Tennessee. We represent investors in FINRA arbitration claims in all 50 states, including New Jersey. Our attorneys have recovered millions of dollars from many brokerage firms in the past.

If you are concerned about your investments with Ramon A. Herrera, please call the securities fraud attorneys at The White Law Group at 888-637-5510 for a free consultation.

For more information on The White Law Group, and its representation of investors, please visit www.WhiteSecuritiesLaw.com.

Tags: , , , , , , , , Last modified: January 5, 2023