Ramiro Luis Colon (also known as Ramiro Luis Colon Ortiz III) of Miami, Florida, a stockbroker formerly registered with UBS Financial Services, has been fined $5,000.00 and suspended for 30 days from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that Colon discussed securities business with customers through unauthorized communication channels and caused UBS Financial Services to maintain inaccurate records and books regarding his activities. Letter of Acceptance Waiver and Consent No. 2020066275801 (June 14, 2022).
According to the AWC, between September 2018 and April 2020, when Colon was registered with UBS Financial Services, he used WhatsApp Messenger to talk with customers about securities transactions on hundreds of occasions. Colon lacked authorization from UBS Financial Services regarding his use of WhatsApp. The regulator states that those communications were not stored by UBS Financial Services, and accordingly, Colon violated FINRA Rules 2010 and 4511.
FINRA Public Disclosure shows that Colon has been identified in forty one customer initiated investment related disputes regarding accusations of his activities while he was registered with UBS Financial Services. On September 20, 2019, a customer filed an investment related FINRA securities arbitration claim regarding Colon’s conduct where the customer sought $110,000.00 in damages supported by allegations of failure to supervise securities transactions, including Puerto Rico closed-end funds, while Colon was employed by UBS Financial Services. FINRA Arbitration No. 19-02654.
Colon is also referenced in a customer initiated investment related written complaint on June 5, 2020, in which the customer requested compensatory damages based upon accusations that between March 9, 2020, and March 27, 2020, the customer was placed into high-risk investments. According to the complaint, the customer was not informed about a potential two-week delay in selling the investments.
On November 24, 2020, another customer filed an investment related FINRA securities arbitration claim concerning Colon’s activities where the customer sought $1,421,565.59 in damages founded on allegations of bad supervision at UBS Financial Service relating to the customer’s municipal bond and CEF holdings.
Another customer initiated investment related FINRA securities arbitration claim involving Colon’s conduct was resolved for $32,475.00 in damages supported by accusations of UBS Financial Services failing to supervise municipal bond and closed-end fund trades for the customer’s account. FINRA Arbitration No. 19-03076 (November 12, 2021).
Colon is also identified in a customer initiated investment related FINRA securities arbitration claim which was settled for $300,000.00 in damages based upon allegations of unsuitable recommendations concerning closed-end funds at UBS Financial Services. FINRA Arbitration No. 19-02479 (May 20, 2022).
On May 28, 2021, Colon’s stockbroker and investment adviser representative registrations at UBS Financial Services were terminated. Since July 2, 2021, Colon has been associated with ACP Securities LLC.
