Ronald Roach, a financial advisor that had been at the large brokerage firm Securities America for ten years entered a guilty plea to a charge of conspiracy to commit an offense against the United States and securities fraud.
According to the securities regulators, Ronald Roach played an important role in an investment fraud scheme to sell investment opportunities offered by certain solar energy companies in the business of making, leasing, and operating mobile solar generators. These investements were touted as presenting gains in the form of tax benefits, guaranteed lease payments, and the resulting profits from the operation. In reality, the generators were never even manufactured, let alone put into use, and the vast majority of revenue to investors came from investor money, not from actual lease payments.
When Roach started with the Ponzi scheme, he was registered as a financial advisor with Securities America, Inc., a national brokerage firm with more than 2,500 financial advisors. Roach was terminated by Securities America in Ocotber 2019, but only after Roach pled guilty to securities fraud. The entire time Roach participated in the scheme, he was under the supervision of Securities America.
Brokerage firms have a legal duty to supervise their brokers and their brokers' recommendations to clients to ensure compliance with and prevent violations of the rules of the security industry. When a broker is negligent or acts in an unlawful manner against the interests of the client and that client suffers damages as a result of such wrongdoing, the firm may be held liable for the investor's losses.
If you lost money due to the misconduct of Ronald Roach or another broker, we are ready to advocate for your right to full compensation. We represent our clients solely on a contingency fee basis, and there is no charge for an evaluation of your case. Call (800) 738-1960 to get in touch with our team. We look forward to taking on your case today.