Ernest Romer was a Michigan based securities broker. He worked in the securities industry for twenty-three years. During his career, he was registered with nine different securities firms.
His registrations include; Portfolio Asset Management/USA Financial Group Inc. (1993), Sigma Financial Corporation (1993), Independence Once Brokerage Services (1994-1995), First of America Brokerage Services (1995-1998), Natcity Investments (1998), Comerica Securities (1999-2004), Leonard & Company (2005-2012), L.M. Kohn & Company (2012), and Corecap Investments (2012-2017). He is no longer working as a registered securities broker in any fashion.
Ernest Romer’s publicly available FINRA BrokerCheck report shows that he received multiple customer complaints over the course of his career.
In October 1998, a customer alleged that Ernest Romer made unauthorized option trades in their account. This case was settled for $130,110 in damages.
In November 2003, a customer alleged that Ernest Romer recommended unsuitable variable annuities. The customer alleged that they were unsuitable given their circumstances and investment objectives. The customer also alleged that Romer failed to disclose the risks associated with the investment. This case went to arbitration where the customer was awarded $100,000 in damages.
In October 2005, a customer alleged that Ernest Romer invested approximately $400,000 even though he had only authorized Romer to invest $200,000. The customer also alleged that Romer also failed to follow instructions to place a stop loss order. This case was settled for $102,208 in damages. Ernest Romer resigned from his position at Comerica Securities amidst the allegations.
Beginning in 2017, Ernest Romer began receiving complaints from customers alleging that he converted their funds for his own personal use. He set up a securities firm known as P&R Capital. He then allegedly solicited funds from Corecap Investments’ customers to invest in this firm without disclosing to them that he was the owner. Romer allegedly converted funds he received meant for investing for his own personal use. He received numerous complaints from customers regarding his alleged conversion of funds. He was eventually convicted on thirteen counts of embezzlement. He was ordered to pay $2,650,000 in restitution tot he afflicted customers and sentenced to 85 to 240 months in prison.
Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Ernest Romer, please contact Oakes & Fosher for a free and private consultation.