Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on August 23, 2016 indicate that Maryland-based M&T Securities broker/adviser Robert Ramsey has been the subject of a customer complaint. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Ramsey (CRD# 1742703).
Robert Ramsey has spent 26 years in the securities industry and has been registered with M&T Securities in Berlin and Snow Hill, Maryland since November 2015. Previous registrations include LPL Financial in Danbury, Connecticut; UVest Financial Services Group in Danbury, Connecticut; Raymond James Financial Services in Danbury, Connecticut; Infinex Investments in Meriden, Connecticut; Painewebber Incorporated in Weehawken, New Jersey; Charles Schwab & Company in San Francisco, California; First Union Brokerage Services in Weehawken, New Jersey; Marketing One Securities in Portland, Oregon; GNA Securities in Richmond, Virginia; and Pruco Securities. He is a registered broker and investment adviser in Connecticut, Delaware, and Maryland.
According to his BrokerCheck report, Robert Ramsey has received one customer complaint and two denied customer complaints.
In 2013, a customer alleged Robert Ramsey, while employed at LPL Financial, misrepresented and recommended an unsuitable Hartford variable annuity. The complaint settled for $58,000, to which Mr. Ramsey individually contributed $58,000.
In 2007, a customer alleged Robert Ramsey, while employed at Infinex, recommended unsuitable corporate bonds. The customer sought more than $14,500 in damages in the complaint, which was denied.
Variable annuities are similar to mutual funds, though they have three primary additional features which mutual funds do not: a tax-deferred treatment of earnings, a death benefit, and payout options that can provide guaranteed income for the rest of the investor’s life. One of the common complaints regarding variable annuity investments is that a broker or investment adviser failed to inform an investor about the various sales charges and fees associated with variable annuities. In particular, many aggrieved investors file complaints with investors who, they allege, failed to educate them about a variable annuity’s surrender charge. A surrender charge is a sales fee incurred when investors withdraw money from the variable annuity within a certain period of time after the purchase—typically within six to eight years, though the specific number depends on the product. Surrender charges are typically used to pay a commission to your broker or investment adviser, and are typically a percentage of the amount withdrawn. Brokers who fail to properly educate their customers about a product’s surrender charge may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
If you have complaints regarding Robert Ramsey, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recoup your losses. All cases are taken on contingency: we only receive payment if and when you recover money. You may have a limited window to file your complaint, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.