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Ray Kramer: $90K GWG Complaint Against Monon Wealth Advisor
Carmel financial advisor Ray Kramer (CRD# 3247207) is involved in an investor complaint alleging various forms of misconduct relating to the sale of GWG L bonds. Records provided by the Financial Industry Regulatory Authority indicate that he is a broker with Purshe Kaplan Sterling and an investment advisor with Monon Wealth Management.
Mr. Kramer’s BrokerCheck report discloses one recent investor complaint. Filed in March 2023, it alleges that he breached his fiduciary duty, acted negligently, and violated the SEC’s Regulation Best Interest in connection with the sale of GWG L bonds while he was a representative of Monon Wealth Management. The pending complaint alleges damages of $90,000.
In “broker statement” included with the pending complaint’s disclosure, Mr. Kramer pushes back against the allegations made by the claimants, with whom he states he worked between 2017 and 2022 and had “a great working relationship” as he helped the with their financial planning. “We purchased the GWG bond in November 2022 as a two-year holding for our fixed income portfolio, after months of research,” he states, continuing: “The purchase, done in their Charles Schwab brokerage IRAs, represented approximately 4% of the account. We did not receive a commission. In fact, we purchased the bond at a discount to par to pass the savings on to the client. The issues with GWG that eventually led to their bankruptcy were not disclosed to us by GWG in our due diligence.” In conclusion, he adds that “several larger broker dealers” approved investments in GWG.
According to the Financial Industry Regulatory Authority, Ray Kramer holds 23 years of securities industry experience. Based in Carmel, Indiana, he has been a broker with Purshe Kaplan Sterling and an investment advisor with Monon Wealth Management since 2017. His past registrations include Wells Fargo Advisors, Fifth Third Securities, the Huntington Investment Company, Chase Investment Services Corporation, IFMG Securities, Banc One Securities Corporation, and Charles Schwab & Company. His credentials include the passage of six securities industry qualifying exams: the General Securities Sales Supervisor – Options Module Examination, or Series 9; the General Securities Principal Examination, or Series 24; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He is licensed in Arizona, Florida, Illinois, Indiana, Ohio, and Texas. (Information current as of April 1, 2023.)
Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.