{"id":6552,"date":"2018-09-20T21:27:14","date_gmt":"2018-09-20T21:27:14","guid":{"rendered":"http:\/\/www.investorlawyers.com\/?p=6552"},"modified":"2018-09-20T21:27:14","modified_gmt":"2018-09-20T21:27:14","slug":"investor-fraud-barred-michigan-investment-adviser-is-accused-of-defrauding-retirees-of-2-7m-and-sec-halts-alleged-345m-ponzi-scam-that-bilked-seniors-retail-investors-and-small-business-owners","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/investor-fraud-barred-michigan-investment-adviser-is-accused-of-defrauding-retirees-of-2-7m-and-sec-halts-alleged-345m-ponzi-scam-that-bilked-seniors-retail-investors-and-small-business-owners\/","title":{"rendered":"Investor Fraud:  Barred Michigan Investment Adviser is Accused of Defrauding Retirees of $2.7M and SEC Halts Alleged $345M Ponzi Scam That Bilked Seniors, Retail Investors, and Small Business Owners"},"content":{"rendered":"<br \/>\n<h2><strong>Former Michigan Financial Adviser Faces SEC Charges in $2.7M Investment Scam that Defrauded Seniors<\/strong><\/h2>\n<p>The US Securities and Exchange Commission has filed fraud charges against Ernest J. Romer III, a former Michigan-based financial adviser with 47 disclosures on his Broker-Check record and who was barred by FINRA last year. Romer also pleaded no contest to embezzlement in July and is awaiting his sentence. According to the regulator, between 2014 and 2016, the ex-financial adviser defrauded unsophisticated investors and <a href=\"https:\/\/www.investorlawyers.com\/investor-claims\/retirement-losses\/\" target=\"_blank\" rel=\"noopener noreferrer\">older retirees<\/a> of $2.7M.<\/p>\n<p>The regulator contends that Romer convinced at least 30 clients to \u201csell securities in their brokerage accounts&#8221; and transfer their proceeds to the companies CoreCap Solutions or P &amp; R Capital. He purportedly gave them the impression that these were affiliated brokerage firms when, in fact, they were businesses that Romer owned. Many of these investors entrusted him with their life savings.<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/investor-fraud-barred-michigan-investment-adviser-is-accused-of-defrauding-retirees-of-2-7m-and-sec-halts-alleged-345m-ponzi-scam-that-bilked-seniors-retail-investors-and-small-business-owners\/\"  title=\"Continue Reading Investor Fraud:  Barred Michigan Investment Adviser is Accused of Defrauding Retirees of $2.7M and SEC Halts Alleged $345M Ponzi Scam That Bilked Seniors, Retail Investors, and Small Business Owners\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Former Michigan Financial Adviser Faces SEC Charges in $2.7M Investment Scam that Defrauded Seniors The US Securities and Exchange Commission has filed fraud charges against Ernest J. Romer III, a former Michigan-based financial adviser with 47 disclosures on his Broker-Check record and who was barred by FINRA last year. Romer also pleaded no contest to [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":427,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3781,3738,3792,3760],"tags":[3151,3043],"class_list":["post-6552","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-advisers","category-investor-fraud","category-ponzi-scams","category-sec-enforcement","tag-ernest-j-romer-iii","tag-ponzi-scheme"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Investor Fraud News - September 20, 2018 | Investor Lawyers Blog<\/title>\n<meta name=\"description\" content=\"Former Michigan Financial Adviser Faces SEC Charges in $2.7M Investment Scam that Defrauded Seniors. Clients were purportedly promised better returns and told that their money would be invested in the stock market.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/investor-fraud-barred-michigan-investment-adviser-is-accused-of-defrauding-retirees-of-2-7m-and-sec-halts-alleged-345m-ponzi-scam-that-bilked-seniors-retail-investors-and-small-business-owners\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Investor Fraud News - September 20, 2018 | Investor Lawyers Blog\" \/>\n<meta name=\"twitter:description\" content=\"Former Michigan Financial Adviser Faces SEC Charges in $2.7M Investment Scam that Defrauded Seniors. Clients were purportedly promised better returns and told that their money would be invested in the stock market.\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2018\/04\/contract-dispute.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Investor Fraud News - September 20, 2018 | Investor Lawyers Blog","description":"Former Michigan Financial Adviser Faces SEC Charges in $2.7M Investment Scam that Defrauded Seniors. 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