The law firm of Oakes & Fosher is presently investigating the alleged misconduct of securities broker Ramon Almonte. According to his publicly available FINRA BrokerCheck report, Ramon Almonte has been the subject of numerous customer disputes over the course of his career.
Ramon Almonte is a Puerto Rico based securities broker. He has worked in the securities industry for thirty-eight years. During his career, he has been registered with two different securities firms.
- Kidder, Peabody & Co. (1981-1987)
- UBS Financial Services (1987-Present)
Ramon Almonte has been the subject of over two hundred customer complaints over the course of his career. Most of these complaints were regarding alleged unsuitable investment recommendations and misrepresentation concerning Puerto Rico municipal bonds and closed-end funds. These municipal bonds were very appealing to investors for multiple reasons. First of all, they pay much higher yields than traditional bonds. Also, these bonds were what is known as triple tax exempt. Since Puerto Rico is not technically a state, they are able to sell municipal bonds that are exempt from federal, state, and local taxes. Normally, an individual needs to reside in the state of the purchased bond to receive the tax benefits; however, these Puerto Rico bonds were an exception. Because of that, investors all over the country purchased these bonds and received the tax benefits. However, many of the recommending brokers, like Ramon Almonte, failed to disclose that these bonds and closed-end funds carried substantially more risk than the municipal bonds of other states. The fact that Puerto Rico wasn’t receiving any tax revenue for these bonds contributed to the territory filing for chapter 11 bankruptcy and defaulting on the issued bonds.
Oakes & Fosher Can Help
Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.
Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Ramon Almonte, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.