Ralph VonLutzow – Oberweis Securities – Sarasota, FL
According to the Financial Industry Regulatory Authority (FINRA) on December 3, 2018, the regulator has barred former financial advisor Ralph VonLutzow from associating with any FINRA member at any time.
From October 2012 through January 2014, while associated with Oberweis Securities, FINRA alleges that VonLutzow accepted six loans from a senior investor and Oberweis customer, totaling $32,000, without obtaining written pre-approval from the Firm, in violation of FINRA Rules 3240 and 2010.
From July 2013 through April 2014, FINRA further alleges that VonLutzow participated in private securities transactions, for compensation, involving investments made by a client in a pharmaceutical start-up company, Reven Pharmaceuticals, reportedly without receiving approval from his member Firm.
Between July 2013 and April 2014, FINRA further states that VonLutzow’s Oberweis customer, allegedly invested in Reven, through the purchase of 1,000,000 shares of stock, 4,200,000 in convertible notes, and $1,250,000 in stock options, valued at $2,550,000.
In connection with his client’s purchases of Reven stock, stock options, and convertible notes, VonLutzow reportedly received selling compensation in the form of 1,155,000 shares of Reven stock and $12,500 in cash, according to FINRA.
Further, according to FINRA, VonLutzow reportedly provided false and misleading information to FINRA in response to requests for documents and information.
According to FINRA BrokerCheck, VonLutzow was registered with Oberwies Securities Inc. in Sarasota, FL from May 2003 until December 2016. VonLutzow has two customer disputes listed on his broker report.
For FINRA’s full findings see FINRA case no. 2017055306401.
The White Law Group is investigating the liability that VonLutzow’s former employer may have for his actions in regards to his alleged outside business activities.
When a FINRA registered representative conducts business outside the scope of the brokerage firm where they are registered, the act can be considered “selling away.”
If a registered broker “sells away” from their firm, the brokerage firm may still be liable for negligent supervision of their broker representative and may be responsible for investment losses in a FINRA dispute resolution claim.
If you have invested with Ralph VonLutzow and are concerned about your investments, the securities attorneys at The White Law Group may be able to help you. For a free consultation with a securities attorney, please call our offices at 888-637-5510.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.
For more information on The White Law Group, please visit our website at https://www.whitesecuritieslaw.com.