Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Raymond Dimuro (Dimuro), previously associated with Charles Schwab & Co., Inc., has at least one disclosable event. These events include one tax lien, alleging that Dimuro recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on October 24, 2024.
The Securities and Exchange Commission deems it appropriate and in the public interest that public administrative proceedings be, and hereby are, instituted against Raymond J. DiMuro (‘DiMuro’ or ‘Respondent’). In anticipation of the institution of these proceedings, Respondent has submitted an Offer of Settlement which the Commission has determined to accept. The commission finds that on October 4, 2024, a final judgment was entered by consent against Respondent, permanently enjoining him from future violations of Sections 17(a)(1) and 17(a)(3) of the Securities Act of 1933, Section 10(b) of the Securities Exchange Act of 1934 and Rules 10b-5(a) and 10b-5(c) thereunder, and Sections 206(1) and 206(2) of the Advisers Act, as set forth in the judgment entered in the civil action entitled Securities and Exchange Commission v. Raymond J. DiMuro, Civil Action Number CV-24-02477-PHX-DJH, in the United States District Court for the District of Arizona. The Commission’s complaint alleged that from at least January 2018 to January 2022, Respondent engaged in a cherry-picking scheme by using Your Source’s block trading account to disproportionately allocate profitable stock and option trades to three favored clients and unprofitable trades to his other clients, which resulted in the favored clients receiving $1,007,248 in excess profits as compared to Respondent’s other clients. According to the complaint, there was less than a one-in-a-million probability that the favored clients’ and the other clients’ disparate investment returns was due to chance.
