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Ernest Romer has been Barred from the Securities Industry


The former Michigan broker’s career was filled with suspensions, investigations, and firings

In April of 2017, Ernest Julius Romer III received a permanent bar from the securities industry by the Financial Industry Regulatory Authority (FINRA). He was originally suspended by the agency, but because he didn’t request termination of the suspension, this automatically turned into a ban.

Romer began his career in 1993, and almost from the start, he found himself in trouble. In 1995 and 1998, he was permitted to resign from two brokerage firms. The first resignation was related to allegations of borrowing money from a client. The second had to do with unauthorized trading.

The subsequent 19 years of Romer’s brokerage career were fraught with similar allegations. He was the subject of 14 customer disputes, several of which are still pending. Many of his former clients have accused him of soliciting money to be used for Romer’s own companies. Other clients have charged Romer with stealing funds. Investors in the pending disputes are seeking more than $1,000,000 in total damages.

FINRA’s BrokerCheck report chronicles the many other events Romer has been involved in. These include tax issues with the IRS, being fired from another firm due to a violation of policies, and a cease and desist order and $1,000,000 fine from the state of Michigan. Romer worked in the securities industry for 23 years, and over this period he managed to accumulate 30 disclosures.

Romer worked for these nine firms from April of 1993 to January of 2017:

  • Portfolio Asset Mgt/USA Financial Group Inc. – El Paso, TX
  • Sigma Financial Corporation – Ann Arbor, MI
  • Independence One Brokerage Services, Inc. – Farmington Hills, MI
  • NatCity Investments, Inc. – Cleveland, OH
  • First of America Brokerage Service, Inc. – Cleveland, OH
  • Comerica Securities – Warren, MI
  • Leonard & Company – Sterling Heights, MI
  • M. Kohn & Company – Sterling Heights, MI
  • CoreCap Investments, Inc. – Sterling Heights, MI

Of all the many allegations against Romer, perhaps the most egregious is a report alleging the blatant theft of money. When someone makes an investment, they are trusting a financial professional to think of their best interests. And when that trust is broken, it can be devastating.

This sort of thing happens too often to elderly investors. Because they are often viewed as a trusting, easy target, many brokers look for ways to line their own pockets with senior clients’ hard-earned money.

If you suspect you lost money due to the negligent or deceitful actions of your financial professional, you may be able to get it back. Contact the Silver Law Group to learn about arbitration and how it might be the best way for you to recover money. Call us toll-free at 800-975-4345 or fill out our online form. The attorneys at the Silver Law Group work on contingency, which means you won’t owe us anything if you don’t reclaim lost funds.

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