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Former Florida-Based Morgan Stanley Advisor Accepts Industry Ban Amid Fraud Probe

Posted on October 12th, 2023 at 2:18 PM
Former Florida-Based Morgan Stanley Advisor Accepts Industry Ban Amid Fraud Probe

From the desk of Jim Eccleston at Eccleston Law 

A former Morgan Stanley advisor in Fort Lauderdale, Florida, with 23 years of experience, opted for an industry ban instead of cooperating with a Financial Industry Regulatory Authority (FINRA) investigation.

The investigation stemmed from a termination notice issued to Ron Filoramo, whom Morgan Stanley terminated in May after working 12 years at the firm. The termination was linked to allegations that he fraudulently convinced clients to transfer funds to supposed investments that never were made, according to AdvisorHub.

According to the settlement, known as an Acceptance Waiver and Consent (“AWC”), Filoramo failed to cooperate with the regulator. Under FINRA rules, failure to cooperate with information requests can lead to an industry ban. However, neither FINRA's settlement nor Filoramo's BrokerCheck record offers further details regarding the fraud allegations.

 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law

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