According to records provided by the Financial Industry Regulatory Authority (FINRA), former California-based Liberty Partners broker Ronald Rafaloff has been permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Rafaloff (CRD# 1045883).
Ronald Rafaloff has spent 23 years in the securities industry and was most recently registered with Liberty Partners Financial Services in Bakersfield, California (2010-2013). Previous registrations include Equity Source Partners in Huntington, New York (2010); RGR Financial Group in Freehold, New Jersey (1996-2003); JW Charles Securities in Boca Raton, Florida (1996); Smith Barney in New York, New York (1993-1996); Lehman Brothers in New York, New York (1992-1993); Advest in Hartford, Connecticut (1986-1992); Swink & Company (1983-1986); and MV Securities (1982-1983). He is currently not registered with any state or firm.
According to his BrokerCheck report, Ronald Rafaloff is the subject of two regulatory sanctions and was discharged from his position at Liberty Partners Financial Services.
In 2015 the New Jersey Bureau of Securities sanctioned Ronald Rafaloff following allegations he misrepresented or omitted material facts, engaged in “dishonest or unethical practices,” and filed a false application with the Bureau. Mr. Rafaloff was issued a fine of $200,000.
In 2014 FINRA sanctioned Ronald Rafaloff following allegations he “engaged in a scheme to defraud over $400,000 from a sole client,” who was an elderly investors he had “befriended” Mr. Rafaloff allegedly convinced the client to invest $405,000 of her retirement earnings in “speculative business entities,” claiming he provided consulting services for them when in fact “he controlled” them. According to FINRA’s complaint, Mr. Rafaloff gave the customer “written guarantees against losses” and converted her funds for his own personal use, without permission or authorization. He also allegedly failed to inform his member firm, Liberty Partners Financial Services, that he was engaging in these transactions and “falsely represented” his activities on compliance questionnaires. Finally, in addition to making the alleged unsuitable recommendations, Mr. Rafaloff “provided false and misleading information” during an on-the-record interview. He was consequently issued a permanent bar from the securities industry.
In 2013 Ronald Rafaloff was terminated from his position at Liberty Partners Financial Services following allegations he sold securities away from his member firm.
If you have lost money investing with Ronald Rafaloff, you may be entitled to recover lost funds. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on a contingency basis: Fitapelli Kurta only gets paid if and when you recover money. By law you may have a limited time to file your complaint, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.