Former Broker Ernest Romer Barred By FINRA After Two Investigations

Ernest Julius Romer III (CRD #2311741) is a former registered broker and investment broker, last employed with CoreCap Investments, Inc. (CRD #37068) of Sterling Heights, MI. Previous employers include L.M. Kohn & Company (CRD #27913) and Leonard & Company (CRD #36527), both of Sterling Heights, and Comerica Securities (CRD #17079) of Warren, MI.  No current employment information is available. He has been in the industry since 1993, and has a total of 36 disclosures in his FINRA record

Romer is currently the subject of two investigations by the state of Michigan into allegations from two clients that he “stole” money from them. The first was filed on 8/28/2017, the second on 9/1/2017. Both are accompanied by correlating FINRA arbitration cases.

The State of Michigan has also barred Romer from working as a broker in the state of Michigan and permanently revoked his license, and levied fines of $1.5 million against him.

His employer, CoreCap, discharged Romer on 01/20/2017, citing “Failure to report outside business activity and violations of firm policies relating to transactions with clients.”

FINRA barred Romer on 4/13/2017 indefinitely and in all capacities after he failed to respond to FINRA’s request for information.

A total of 15 customer disputes have been filed against Romer since May of 2017. All have similar allegations of theft, requesting funds for “non-existent investments,” and investing multiple client funds into a company called “P&R Capital,” which was Romer’s own LLC that he used for conversion. A few of the complaints also involve money that Romer borrowed from clients and never repaid. Most are listed as “pending,” but a few have been settled. Damages requested in the pending cases total $2,826,708.00.

Romer has a total of 36 disclosures, including three tax liens, customer disputes and employment discharges dating back to 1995.

Have You Invested Money With Ernest Romer?

If you’ve invested money with Ernest Romer, and would like to take a closer look at how your account was handled, call us. Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct.  Most cases handled on a contingent fee basis. This means that you won’t pay legal fees unless we are successful. Call us toll free at 800-975-4345, or use our online contact form to get in touch.