How to Recover Funds Stolen by Broker Ernest Julius Romer of Shelby Township and Corecap Investments
Ernest Julius Romer was a former financial advisor that was recently indicted for misappropriating nearly a half of a million dollars from his senior citizen clients. According to the Detroit Free Press, he was charged with two counts of embezzlement of more than $100,000.00; each of which could result in a 20 year prison sentence. It is alleged that Ernest Julius Romer III induced his clients into investing in a private limited liability company known as P&R Capital, LLC, which was actually a private company controlled by Romer, which he used to fund his lavish lifestyle and personal expenses.
Luckily, those aggrieved by Mr. Romer may have legal options to recover their funds. Ernest Romer was a registered securities salesman with Corecap Investments, Inc. of Southfield, Michigan from October of 2012 to January of 2017. He worked at a Corecap branch office in Sterling Heights, Michigan.
Romer victims may be able to assert claims against Corecap Investments, Inc., because brokerage firms have an ironclad duty to supervise all financial advisors that are registered through their firm. A brokerage firm is responsible for preventing “Selling Away” (which is the process of a broker selling unregistered and unapproved securities, like the ones sold by Romer) and when they fail to do so, they could be held liable to investors and victims.
In order to sue a firm like Corecap Investments, Inc., investors need to bring their claims in FINRA Arbitration rather than Court. This is because Corecap Investments, Inc. is a FINRA member and their account opening documents signed by customers generally mandate bringing claims in FINRA Arbitration, not Court.
Our firm has offices in Ann Arbor, Michigan and has represented investors throughout the state of Michigan when brokers have “sold away” from their firm. Aaron Israels, one of our attorneys, was born and raised in Michigan and is an active member of the Michigan Bar. All of our cases are taken on a contingency fee basis, meaning that we do not get paid unless we recover money for you.
For more information on your rights as an investor, please CONTACT Aaron Israels for a free and confidential consultation.
Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.