Dale Allen Ramsperger of Scottsdale Arizona a stockbroker formerly registered with Securities America Inc. has been suspended for five months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that Ramsperger took part in private securities transactions that were not authorized by Securities America Inc. Letter of Acceptance Waiver and Consent No. 2020065281001 (Aug. 27, 2021).
According to the AWC, in November of 2012, an elderly couple who invested through SAI had been notified by Ramsperger about an opportunity to invest in a media company which Ramsperger partly owned and managed. These activities did not have to do with Ramsperger’s position at Securities America.
The AWC stated that the couple purchased a promissory note valued at $250,000.00. This note was drafted by Ramsperger and required the media company to repay the customer over a five-year period. Ramsperger signed on behalf of the media company to effect this transaction. The AWC stated that the investment in the media company spanned beyond the five-year period as Ramsperger and the customer arranged for a reinvestment. Ramsperger then revised the promissory note and signed it on the media company’s behalf. FINRA indicated that there has been a default on the promissory note in 2019 and the customer had not received any interest since then.
The AWC stated that stockbrokers including Ramsperger were prohibited under SAI’s policies from selling away activities unless those activities were disclosed to the firm in writing and then authorized by the firm. The AWC stated that there was no notice provided to SAI by Ramsperger regarding the private securities transactions in 2012 or in 2017. Ramsperger also submitted attestations to SAI in which he omitted mention of this transaction. FINRA found that Ramsperger violated FINRA Rules 2010 and 3280 as well as National Association of Securities Dealers (NASD) Rule 3040.
Ramsperger’s registrations with Securities America as a stockbroker and investment adviser representative were terminated on January 10, 2020. He was discharged by the securities broker dealer based upon accusations of borrowing from customers in violation of SAI’s policies and procedures. Ramsperger has been registered with DMK Advisor Group Inc. as both stockbroker and investment adviser representative since May 14, 2020.