{"id":11565,"date":"2024-11-19T10:44:17","date_gmt":"2024-11-19T15:44:17","guid":{"rendered":"https:\/\/www.silverlaw.com\/blog\/?p=11565"},"modified":"2024-11-19T10:44:17","modified_gmt":"2024-11-19T15:44:17","slug":"finra-bars-two-brokers-following-elder-fraud-allegations","status":"publish","type":"post","link":"https:\/\/www.silverlaw.com\/blog\/finra-bars-two-brokers-following-elder-fraud-allegations\/","title":{"rendered":"FINRA Bars Two Brokers Following Elder Fraud Allegations"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-9940 size-medium\" src=\"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/04\/FiverrRecovery2-300x200.jpg\" alt=\"In June, two California-based brokers working for two different broker-dealers were suspended after separate accusations of elder fraud activities. Both individuals refused to supply FINRA with supporting documents and information after making the requests.\n\nRonnie Rindon Dumag (CRD#\u00a04783585) is a previously registered broker employed with PFS Investments Inc. (CRD#:10111) of Sacramento, CA, from 2004 through 2024. PFS Investments permitted Dumag to resign following allegations, and an internal investigation found that he had borrowed money from one of his clients and converted funds from an elderly customer. FINRA instituted its own investigation, notifying Dumag and requesting information and documentation from him. Dumag notified FINRA staff by email on 5\/28\/2024 that he had received their request but refused to comply. After signing an Acceptance, Waiver and Consent Letter (AWC), Dumag was permanently barred as of 6\/13\/2024.\n\nRosaline Alam (CRD#\u00a05742202, a\/k\/a \u201cRosaline Alrachid\u201d) was a previously registered broker and investment advisor last employed with Lincoln Investment (CRD#:519) of Claremont, CA. Her previous employers were Pruco Securities, LLC. (CRD#:5685), also of Claremont, NY Life Securities LLC (CRD#:5167) of San Dimas, CA., and Waddell &amp; Reed, Inc. (CRD#: 866) of Brea, CA. \u00a0She has been in the industry since 2010.\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/04\/FiverrRecovery2-300x200.jpg 300w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/04\/FiverrRecovery2-1024x683.jpg 1024w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/04\/FiverrRecovery2-768x512.jpg 768w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/04\/FiverrRecovery2-1536x1024.jpg 1536w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/04\/FiverrRecovery2-2048x1365.jpg 2048w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/04\/FiverrRecovery2-1000x667.jpg 1000w, https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/04\/FiverrRecovery2-180x120.jpg 180w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/>In June, two California-based brokers working for two different broker-dealers were suspended after separate accusations of elder fraud activities. Both individuals refused to supply FINRA with supporting documents and information after making the requests. <a href=\"https:\/\/www.silverlaw.com\/blog\/finra-bars-two-brokers-following-elder-fraud-allegations\/#more-11565\" class=\"more-link\">Continue reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In June, two California-based brokers working for two different broker-dealers were suspended after separate accusations of elder fraud activities. Both individuals refused to supply FINRA with supporting documents and information after making the requests. Continue reading \u203a<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[582,580],"tags":[],"class_list":["post-11565","post","type-post","status-publish","format-standard","hentry","category-elder-fraud","category-stockbroker-misconduct"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FINRA Bars Two Brokers Following Elder Fraud Allegations &#8212; Securities Arbitration Lawyers Blog &#8212;<\/title>\n<meta name=\"description\" content=\"In June, two CA-based brokers were suspended after separate accusations of elder fraud activities: Rindon Dumag &amp; Rosaline Alam.\" \/>\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.silverlaw.com\/blog\/finra-bars-two-brokers-following-elder-fraud-allegations\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"FINRA Bars Two Brokers Following Elder Fraud Allegations &#8212; Securities Arbitration Lawyers Blog &#8212;\" \/>\n<meta name=\"twitter:description\" content=\"In June, two CA-based brokers were suspended after separate accusations of elder fraud activities: Rindon Dumag &amp; Rosaline Alam.\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/04\/FiverrRecovery2-300x200.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Silver Law Group\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"FINRA Bars Two Brokers Following Elder Fraud Allegations &#8212; Securities Arbitration Lawyers Blog &#8212;","description":"In June, two CA-based brokers were suspended after separate accusations of elder fraud activities: Rindon Dumag & Rosaline Alam.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.silverlaw.com\/blog\/finra-bars-two-brokers-following-elder-fraud-allegations\/","twitter_card":"summary_large_image","twitter_title":"FINRA Bars Two Brokers Following Elder Fraud Allegations &#8212; Securities Arbitration Lawyers Blog &#8212;","twitter_description":"In June, two CA-based brokers were suspended after separate accusations of elder fraud activities: Rindon Dumag & Rosaline Alam.","twitter_image":"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/04\/FiverrRecovery2-300x200.jpg","twitter_misc":{"Written by":"Silver Law Group","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.silverlaw.com\/blog\/finra-bars-two-brokers-following-elder-fraud-allegations\/#article","isPartOf":{"@id":"https:\/\/www.silverlaw.com\/blog\/finra-bars-two-brokers-following-elder-fraud-allegations\/"},"author":{"name":"Silver Law Group","@id":"https:\/\/www.silverlaw.com\/blog\/#\/schema\/person\/de64d999508b1ad10d608a99f0d2e752"},"headline":"FINRA Bars Two Brokers Following Elder Fraud Allegations","datePublished":"2024-11-19T15:44:17+00:00","mainEntityOfPage":{"@id":"https:\/\/www.silverlaw.com\/blog\/finra-bars-two-brokers-following-elder-fraud-allegations\/"},"wordCount":664,"image":{"@id":"https:\/\/www.silverlaw.com\/blog\/finra-bars-two-brokers-following-elder-fraud-allegations\/#primaryimage"},"thumbnailUrl":"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/04\/FiverrRecovery2-300x200.jpg","articleSection":["Elder Fraud","Stockbroker Misconduct"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.silverlaw.com\/blog\/finra-bars-two-brokers-following-elder-fraud-allegations\/","url":"https:\/\/www.silverlaw.com\/blog\/finra-bars-two-brokers-following-elder-fraud-allegations\/","name":"FINRA Bars Two Brokers Following Elder Fraud Allegations &#8212; Securities Arbitration Lawyers Blog &#8212;","isPartOf":{"@id":"https:\/\/www.silverlaw.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.silverlaw.com\/blog\/finra-bars-two-brokers-following-elder-fraud-allegations\/#primaryimage"},"image":{"@id":"https:\/\/www.silverlaw.com\/blog\/finra-bars-two-brokers-following-elder-fraud-allegations\/#primaryimage"},"thumbnailUrl":"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/04\/FiverrRecovery2-300x200.jpg","datePublished":"2024-11-19T15:44:17+00:00","author":{"@id":"https:\/\/www.silverlaw.com\/blog\/#\/schema\/person\/de64d999508b1ad10d608a99f0d2e752"},"description":"In June, two CA-based brokers were suspended after separate accusations of elder fraud activities: Rindon Dumag & Rosaline Alam.","breadcrumb":{"@id":"https:\/\/www.silverlaw.com\/blog\/finra-bars-two-brokers-following-elder-fraud-allegations\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.silverlaw.com\/blog\/finra-bars-two-brokers-following-elder-fraud-allegations\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.silverlaw.com\/blog\/finra-bars-two-brokers-following-elder-fraud-allegations\/#primaryimage","url":"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/04\/FiverrRecovery2-300x200.jpg","contentUrl":"https:\/\/www.silverlaw.com\/blog\/wp-content\/uploads\/2021\/04\/FiverrRecovery2-300x200.jpg"},{"@type":"BreadcrumbList","@id":"https:\/\/www.silverlaw.com\/blog\/finra-bars-two-brokers-following-elder-fraud-allegations\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.silverlaw.com\/blog\/"},{"@type":"ListItem","position":2,"name":"FINRA Bars Two Brokers Following Elder Fraud Allegations"}]},{"@type":"WebSite","@id":"https:\/\/www.silverlaw.com\/blog\/#website","url":"https:\/\/www.silverlaw.com\/blog\/","name":"Securities Arbitration Lawyers Blog","description":"Published by Securities Arbitration Lawyers \u2014 Silver Law Group","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.silverlaw.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.silverlaw.com\/blog\/#\/schema\/person\/de64d999508b1ad10d608a99f0d2e752","name":"Silver Law Group","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/9eb0a691642ae95c68ee1c45b5f50f35bae76a41f3d9f861c7bfd40c87661746?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/9eb0a691642ae95c68ee1c45b5f50f35bae76a41f3d9f861c7bfd40c87661746?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/9eb0a691642ae95c68ee1c45b5f50f35bae76a41f3d9f861c7bfd40c87661746?s=96&d=mm&r=g","caption":"Silver Law Group"}}]}},"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/posts\/11565","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/comments?post=11565"}],"version-history":[{"count":1,"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/posts\/11565\/revisions"}],"predecessor-version":[{"id":11566,"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/posts\/11565\/revisions\/11566"}],"wp:attachment":[{"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/media?parent=11565"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/categories?post=11565"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.silverlaw.com\/blog\/wp-json\/wp\/v2\/tags?post=11565"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}