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Ronnie Dumag: FINRA Bars Ex-PFS Advisor

Former Sacramento financial advisor Ronnie Dumag (CRD# 4783585) was recently sanctioned in connection with alleged rule violations. Financial Industry Regulatory Authority records show that the former PFS Investments broker is not currently registered with any broker-dealer or investment advisory firm.

A Letter of Acceptance, Waiver, and Consent (No. 2024081781101) issued on June 13, 2024 describes FINRA’s disciplinary action against Mr. Dumag. As it states, PFS investments disclosed his “voluntary termination” from the firm in May 2024. Prior to this, FINRA initiated an investigation into his “potential conversion of funds from an elderly customer.” In February, it sent him a request to provide documents and information in connection with this investigation. In May, according to the Letter, he acknowledged receipt of the request and stated that he would not produce the requested materials.

FINRA found that this refusal constituted violations of FINRA Rule 8210, which empowers FINRA to require persons under its jurisdiction to provide information connected to its investigations. It also found that his refusal violated FINRA Rule 2010, which requires FINRA-associated persons to “observe high standards of commercial honor and just and equitable principles of trade.” FINRA consequently barred him from associating with any FINRA member in all capacities.

According to the Financial Industry Regulatory Authority, Ronnie Dumag holds 19 years of securities industry experience. Most recently based in Sacramento, California, he was registered with PFS Investments from 2004 until May 2024. His credentials include the passage of four securities industry qualifying exams: the Investment Company Products/Variable Contracts Principal Examination, or Series 26; the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. Having been barred from associating with any FINRA member, he is not currently registered with any state or firm. (Information current as of June 16, 2024.)

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.

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