Investor Alert > Broker Allegedly Involved in Wire Scheme: Ramon Herrera Investigation

Posted Nov 6, 2019

by Alan Rosca

Broker Allegedly Involved in Wire Scheme: Ramon Herrera Investigation

Ramon A. Herrera, formerly of Wells Fargo, Allegedly Stole Approximately $450,000 from Roughly 40 Clients; Herrera, of Union City, NJ, Allegedly Targeted Spanish-speaking Elders

Ramon A. Herrera, a former Wells Fargo financial advisor, allegedly misappropriated approximately $450,000 from roughly 40 clients, according to an October 24th New Jersey report under review by investor rights attorney Alan Rosca.

Investor rights attorney Alan Rosca, of the Rosca Scarlato LLC law firm, is investigating activity related to Ramon A. Herrera’s alleged misappropriation of client funds. Investors who believe they may have lost money in activity related to unsuitability and misrepresentations in connection with Ramon A. Herrera’s alleged misappropriation of client funds are encouraged to contact attorney Alan Rosca with any useful information or for a free, no obligation discussion about their options.

Ramon A. Herrera was allegedly affiliated with Wells Fargo Clearing Services in Jersey City, NJ from 2012 until 2018, according to Herrera’s FINRA BrokerCheck report. Herrera reportedly never registered with another firm after leaving Wells Fargo, according to FINRA, and has not worked outside of the state of New Jersey.

Ramon A. Herrera Allegedly Made Withdrawals of Customer Accounts via Cashier’s Checks

Ramon A. Herrera, of Union City, N.J., and a purported former Financial Advisor with Wells Fargo Clearing Services in Jersey City, NJ, allegedly orchestrated a scheme which targeted elderly Spanish-speaking citizens, according to Reports from U.S. Attorney for New Jersey Craig Carpenito.

Ramon A. Herrera allegedly made cash withdrawals from the aforementioned customer accounts via cashier’s checks, the Reports state.

Herrera would then allegedly put the checks against different personal accounts that he and a family member allegedly managed at the same financial institution, according to New Jersey authorities.

Ramon A. Herrera is now looking at up to 20 years in prison and a fine of $250,000 or double the gain derived or loss caused as a result of his actions, the Jersey Journal writes. Herrera has purportedly pleaded guilty to one count of wire fraud, the Reports note. Herrera is scheduled for sentencing on Feb. 4, according to the aforementioned Reports.

Ramon A. Herrera Allegedly Settled Three Customer Disputes for Approximately $216,000

Herrera 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, FINRA reports.

The aforementioned Complaints have reportedly been settled for a total of around $216,000, according to Herrera’s FINRA BrokerCheck Report.

Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints or allegations mentioned in this article, unless otherwise indicated. Any reader should also read the original sources hyperlinked in this blog for accuracy, including any BrokerCheck report and/or record of any disciplinary or regulatory action. Those sources are incorporated by reference into the text of this blog, and are the governing materials in case of any inconsistencies or typos in this blog.

Securities Lawyer Investigating

The Rosca Scarlato LLC law firm represents investors who lose money as a result of investment-related fraud or misconduct and are currently investigating Ramon A. Herrera’s alleged misappropriation of client funds. The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, and has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.

Investors who believe they lost money as a result of Ramon A. Herrera’s alleged misappropriation of client funds may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage

DISCLAIMER

In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow matters about which we report, and/or to publish subsequent updates regarding various developments that may occur in such matters. Readers are encouraged to conduct their own research regarding any such matters and any developments that may or may not have occurred in such matters. Also, the Brokercheck report linked to some of our blogs is the up-to-date version as of the date of accessing by the reader. The information in our blogs is current as of the date of the drafting of the blog, and given that sometimes certain past complaints may no longer be listed in newer Brokercheck reports, some of the events referenced in some of our blogs may later on be removed from newer Brokercheck reports. Visitors may check the most recent version of each brokercheck report at www.finra.org, and may contact FINRA for the earlier version of the Brokercheck report upon which various blogs may be based.

If you believe you lost money as a result of investment-related fraud or misconduct, please contact our law firm for a free, no-obligation evaluation of your recovery options.

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