Ronald Paul Rafaloff—Financial Fraud Allegations

investment fraud attorneyRonald Paul Rafaloff Allegedly Used Client’s Funds to Fund Personal Companies; Defrauded Only Client, an Elderly Woman He Befriended

Ronald Paul Rafaloff, of the Bronx, New York, allegedly took $405,000 from an investor, an elderly woman he befriended, according to the NJ Bureau of Securities. The Bureau further alleges that he used to run errands for the woman, taking her to dinner, accompanying her to medical appointments, and that he promised her “capital appreciation” of 30% to 40% on the securities.

Rafaloff used the funds of his sole client, $405,000, to fund companies that he founded and controlled, according to the NJ Bureau of Securities.

Ronald Paul Rafaloff Ordered to Pay $200,000, Has Registration Revoked

The Bureau also contends that Rafaloff committed multiple violations of the state’s Uniform Securities Law, including filing a false application with the Bureau by allegedly not disclosing his business interests, making untrue statements or omitting material facts to the victim, and engaging in dishonest or unethical business practices.

As a result of his alleged fraud, the NJ Bureau of Securities revoked the registration of Rafaloff, and also ordered him to pay $200,000 in civil penalties after their investigation revealed that he allegedly took advantage of a 30­-plus year business relationship with his now­ elderly client.

The Peiffer Wolf Carr & Kane Investment Recovery Attorneys Often Represent Investors

The Peiffer Wolf Carr & Kane investment recovery attorneys often represent investors who lose money as a result of investment misconduct. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.

Investors who believe they lost money as a result of investment misconduct may contact the investment recovery lawyers at Peiffer Wolf Carr & Kane, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at (585) 310-5140.

phil korosec (1249 Posts)

In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.