Last Updated: October 2024 (New York, New York)
Kenneth Carl Ramos Financial Advisor Fraud Alert
National securities fraud lawyers Patil Law P.C. are investigating broker Kenneth Carl Ramos (CRD #2553426), a financial advisor currently registered with Stifel, Nicolaus & Company. Ramos has faced multiple customer disputes and resigned under troubling circumstances related to unauthorized trades.
Kenneth Carl Ramos (CRD #2553426) is a financial advisor with over 27 years of experience, currently registered with Stifel, Nicolaus & Company. However, his career has been marked by multiple customer disputes and a voluntary resignation following allegations of unauthorized transactions, raising serious concerns about his professional conduct and adherence to industry standards.
Critical insights about New York, NY stockbroker Kenneth Carl Ramos
- Advisor Name: Kenneth Carl Ramos
- CRD: 2553426
- Location: New York, NY
- Current Employer: Stifel, Nicolaus & Company
- Classification: Stockbroker + Financial Advisor
- Primary Location: New York, NY
- Can Kenneth Carl Ramos be sued in private FINRA arbitration?: Yes
- Has Mr. Ramos been terminated?: Yes (voluntary resignation following allegations)
- Pending Customer Dispute Seeks Damages: $1,300,000
If you have suffered investment losses in an account handled by Mr. Ramos or have a question about the performance of your account, please contact Attorney Patil online or at (800) 950-6553 for a free initial consultation.
Broker Experience Summary
Kenneth Carl Ramos (CRD #2553426) has over 27 years of experience in the securities industry. He has worked for several major firms, including Morgan Stanley (June 2009 – November 2017) and Stifel, Nicolaus & Company (November 2017 – present), where he is currently employed. Ramos has been associated with at least seven different firms throughout his career.
Ramos has passed three general industry/product exams and two state securities law exams, including the Series 7 General Securities Representative Exam and the Series 65 Uniform Investment Adviser Law Exam. He is currently licensed in 22 U.S. states and is registered with six self-regulatory organizations (SROs). His most recent registration with Stifel, Nicolaus & Company began in November 2017.
Negative Disclosures & Regulatory Actions
Kenneth Carl Ramos has three disclosure events, including two customer disputes and one employment termination. Below is a summary of these disclosures:
- Customer Dispute (October 2023): A client of Stifel, Nicolaus & Company alleges breach of fiduciary duty, unsuitable investments, and unauthorized transactions. The pending dispute seeks $1.3 million in damages and involves structured notes and unit investment trusts (FINRA Case #23-02648).
- Customer Dispute (August 2005): A dispute filed during Ramos’ time at RBC Dain Rauscher alleged sales practice violations and was settled for $8,000.
- Employment Termination (November 2017): Ramos voluntarily resigned from Morgan Stanley Wealth Management after allegations that he executed transactions for non-discretionary accounts without obtaining prior client approval.
Allegations of Broker Misconduct Against Kenneth Carl Ramos
Kenneth Carl Ramos has faced several allegations throughout his career:
- Breach of Fiduciary Duty: In a pending case, Ramos is accused of not acting in the client’s best interest, leading to significant financial losses.
- Unauthorized Transactions: The same client alleges that Ramos made trades without proper authorization, violating FINRA Rule 2111.
- Excessive Commissions: Ramos has been accused of charging excessive commissions, which could constitute a violation of industry standards.
- Voluntary Resignation After Allegations: Ramos resigned from Morgan Stanley following accusations of executing trades for non-discretionary accounts without proper client communication.
FINRA Rule 2111, the Suitability Rule, requires brokers to have a reasonable basis to believe that a recommended transaction or investment strategy is suitable for the customer, based on the customer’s financial situation, needs, and investment profile. This rule covers the three key obligations: reasonable-basis suitability (the recommendation must be suitable for at least some investors), customer-specific suitability (the recommendation must be appropriate for that particular customer), and quantitative suitability (ensuring that the number of recommended transactions is not excessive). Related rules include FINRA Rule 2090, the Know Your Customer Rule, which mandates that brokers understand their clients’ investment profiles to provide suitable advice.
Broker Experience Summary
Kenneth Carl Ramos (CRD #2553426) has over 27 years of experience in the financial industry. During his career, he has worked for multiple firms, including Morgan Stanley (June 2009 – November 2017) and Stifel, Nicolaus & Company (November 2017 – present). Ramos has been registered with at least seven different firms throughout his professional journey. His current registration is with Stifel, Nicolaus & Company in New York, NY, where he has been employed since 2017.
Ramos has successfully passed three general industry/product exams, including the Series 7 General Securities Representative Exam, and two state securities law exams, such as the Series 65 Uniform Investment Adviser Law Exam. He is currently licensed to operate in 22 U.S. states and is registered with six self-regulatory organizations (SROs). His experience spans a wide array of financial services, making him a seasoned professional in the securities field.
Negative Disclosures & Customer Disputes
Kenneth Carl Ramos has been involved in three disclosure events, which include customer disputes and an employment termination. The details of these incidents are summarized below:
- Customer Dispute (October 2023): A pending case where a client of Stifel, Nicolaus & Company alleges breach of fiduciary duty, unsuitable investments, unauthorized transactions, and excessive commissions. The claim seeks $1.3 million in damages (FINRA Case #23-02648).
- Customer Dispute (August 2005): A client dispute during Ramos’ time at RBC Dain Rauscher alleged sales practice violations and resulted in a settlement of $8,000.
- Employment Termination (November 2017): Ramos voluntarily resigned from Morgan Stanley Wealth Management following allegations that he executed unauthorized transactions for non-discretionary accounts without obtaining prior approval from clients.
Allegations & Accusations
Kenneth Carl Ramos has faced several allegations related to his professional conduct:
- Breach of Fiduciary Duty: In a pending case, Ramos is accused of failing to act in the best interest of his client, leading to financial losses.
- Unauthorized Transactions: Allegations state that Ramos made trades in client accounts without obtaining proper authorization, violating FINRA Rule 2111.
- Excessive Commissions: Ramos has been accused of charging excessive commissions on investments, a practice that could violate industry standards.
- Resignation After Allegations: Ramos resigned from Morgan Stanley following accusations of executing trades in non-discretionary accounts without communicating with clients first.
These allegations highlight potential concerns regarding his adherence to fiduciary responsibilities and industry regulations.
Patil Law P.C. Will Help You Recover Your Investment Losses
If you have suffered investment losses in an account handled by Kenneth Carl Ramos or have a question about the performance of your account, please contact Attorney Patil online or at (800) 950-6553 for a free initial consultation.
Our cases are handled on a contingency basis. We don’t get paid unless we win for you.
