The Financial Industry Regulatory Authority barred a former Morgan Stanley broker after he refused to cooperate with the regulator's investigation into allegations he fraudulently induced clients to transfer funds for investments that he never made for them.
Without admitting or denying FINRA's claims, Ron Ernest Filoramo signed a FINRA letter of acceptance, waiver and consent in late August, consented to be barred from associating with any FINRA member in any capacity. A FINRA lawyer signed the letter Monday.
"Morgan Stanley is strongly committed to the protection of client assets, and to act quickly when allegations of this nature are discovered," a spokesperson for the wirehouse told ThinkAdvisor on Tuesday. "Mr. Filoramo's employment was terminated in May and we reported the matter to law enforcement. There are a limited number of clients impacted and we are working with them to address their claims."
In April 2011, Filoramo became registered as a general securities representative with Morgan Stanley.
On May 31, 2023, Morgan Stanley filed a Form U5 disclosing the firm discharged him "following allegations he fraudulently induced clients to transfer funds to purported investments that were never made."
