Raymond Ferro (Raymond Anthony Ferro, Jr. CRD#: 1927831) is a former registered broker and investment advisor whose last known employer was Woodbury Financial Services, Inc. (CRD#:421) of Danbury, CT. His previous employers include Next Financial Group, Inc. (CRD#:46214) and LPL Financial Corporation (CRD#:6413), also of Danbury, CT, and Wachovia Securities, LLC (CRD#:19616) of Ossining, NY. He has been in the industry since 1997.
Ferro is the subject of six disclosures, including a 2014 tax lien of $15,205.26.
The most recent is a client dispute filed on 12/7/2020. The claimants allege that Ferro sold them unsuitable investment products, and they request damages of $600,000. This claim is pending.
The next client dispute was filed on 10/26/2020. The client alleges that she gave Ferro a total of 28 personal checks for funds that were intended to be used for “unspecified investments.” The client requests damages in the amount of $140,852.00, and the claim is pending.
A third client dispute filed on 2/28/2020 alleges that Ferro “wrongfully transferred $330,000” out of the client’s bank account and into his own. The client requested damages of $990,000, and the claim was settled for $1,569,281.00.
A previous client filed a dispute in 2003 also alleging “unsuitable investments.” The client requested damages of $120,000, and the claim was settled for $14,250.00.
Misappropriation And Unauthorized Transactions by Stockbrokers Not Uncommon
Stockbroker theft is prevalent and FINRA reports numerous cases of stockbrokers wrongly taking money from clients. Investors may not immediately notice when funds disappear from their account. Brokers have access to private financial information about their clients, which can allow them to steal without being noticed.
Investors often don’t know when an unauthorized transaction or misappropriation occurs because the transactions use money in their account without requiring them to deposit any new funds. Investors are encouraged to look at their statements to ensure the transactions are as they expected.
Investors understand that there are risks associated with any investment and losing money is always a possibility, but some losses don’t come from investment losses, but from stockbroker theft.
Did You Invest With Raymond Ferro?
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. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases are handled on a contingent fee basis, meaning that you won’t owe us until we recover your money for you. Contact us today and let us know how we can help.