Category Archives: Michigan Securities Regulator

David Ferwerda-Former Signator Investors Broker-Sanctioned Over Woodbridge Mortgage Fund Sales-Grand Rapids, MI

October 2018- Grand Rapids, MI

The FINRA records of  David Carl Ferwerda ,  a  former stock broker who is not currently registered and who was last employed by Signator Investors  disclose  a regulatory bar from the securities industry and a termination from employment related to his alleged involvement in the sales the allegedly fraudulent Woodbridge Mortgage Investment Funds.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In October 2018 FINRA permanently barred Ferwerda from the securities industry for his failure to provide FINRA with requested documents and information in connection with an investigation of Ferwerda’s participation in sales of notes related to the Woodbridge Group of Companies and 1 Global Capital LLC.

Ferwerda was employed by Signator Investors from 9/2012-3/2018 when he was discharged by Signator Investors for his involvement in the sale of unapproved outside investments in violation of firm policy. The Michigan Department of Licensing and Regulatory Affairs is currently investigating this matter.

Woodbridge-A $1.2 billion Ponzi According to SEC

The U.S. Securities and Exchange Commission announced charges and an asset freeze against a group of unregistered funds and their owner who allegedly bilked thousands of retail investors, many of them seniors, in a $1.2 billion Ponzi scheme.

According to the SEC’s complaint, unsealed in federal court in Miami, Florida, Robert H. Shapiro and a group of unregistered investment companies called the Woodbridge Group of Companies LLC, formerly headquartered in Boca Raton, Florida, defrauded more than 8,400 investors in unregistered Woodbridge funds.

“We allege that through aggressive tactics, Woodbridge and Shapiro swindled seniors into a business model built on lies, which the SEC’s Miami Regional Office staff moved to halt,” said Stephanie Avakian, Co-Director of the SEC’s Enforcement Division.

“Our complaint alleges that Woodbridge’s business model was a sham,” said Steven Peikin, Co-Director of the SEC’s Enforcement Division. “The only way Woodbridge was able to pay investors their dividends and interest payments was through the constant infusion of new investor money.”

“Our complaint further alleges that Shapiro used a web of layered companies to conceal his ownership interest in the purported third-party borrowers,” said Eric I. Bustillo, Director of the SEC’s Miami Regional Office.  “Shapiro used the scheme to line his pockets with millions of investor dollars.”

If you have losses in an account handled by David Ferwerda on investments in Woodbridge or other unsuitable investments call for a no charge consultation to learn about your options for recovery of damages from Signator Investors.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Ernest Romer III-Former CoreCap Investments Broker-Alleged to Have Stolen Funds from Securities Customers-Sterling Heights, MI

APRIL 2018 UPDATEThe FINRA record of Ernest Romer III now discloses 15 pending customer disputes and 5 prior final customer disputes and 2 pending investigations.

The investigations by Michigan Department of Licensing and Regulatory Affairs, as well as the customer disputes, allege that Romer stole funds from his securities customers. Customer claims for stolen funds are well in excess of $1 million. The victims allege that Romer represented the funds were to be used for various investments, including P&R Capital, a company owned by Romer.

Orignal Post—August 2017-Sterling Heights, MI

According to publicly available records Ernest Julius Romer III  (CRD#2311741) ,  a  former stockbroker who was most recently registered with Corecap Investments, Inc.  disclose 5 Regulatory Events, 8 Customer Disputes , 4 Terminations and outstanding judgment/liens.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In July of 2017, FINRA permanently barred Romer from acting as a broker or otherwise associating with firms that sell securities to the public. Romer discloses other regulatory sanctions alleging that he failed to disclose federal and state tax liens against him.

In a pending matter brought by Michigan regulators, it is alleged that Romer defrauded a customer by convincing several customers to liquidate securities and entrust Romer with the proceeds, which Romer then deposited in an account which he controlled for his own benefit.

In a matter currently pending in Michigan circuit court a customer of CoreCap Investments seeks damages of $110,000 and alleges that Romer solicited funds from them to invest in a firm owned by him , P&R Capital. The customer alleges that Romer converted the funds to his own use.

In FINRA case 17-01082, a customer of CoreCap Investments seeks damages of $50,000 and alleges that Romer solicited them to invest in “CoreCap Solutions” but converted the money to his own use.

In January 2017, Romer was discharged by CoreCap Investments who made the following allegation on Romer’s FINRA record: “Romer obtained loans from three clients for the stated purpose of starting a business: he was instructed to return the funds and not to engage in the business. To the firm’s knowledge, no funds have been returned as of the date of this filing”.

Romer discloses two tax liens to the State of Michigan and one to the Internal Revenue Service in the amount of $160,634.

Romer’s prior employment includes L.M. Kohn & Co. and Leonard and Company.

If you think you have been misled by Ernest Romer, III, contact us for a no charge consultation to learn about your options for recovery of damages from his employer.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870