Ramses David Visher (CRD #6012559, Malibu, California)

February 26, 2024 – An AWC was issued in which Visher was assessed a deferred fine of $5,000 and suspended from association with any FINRA member in all capacities for four months. Without admitting or denying the findings, Visher consented to the sanctions and to the entry of findings that he made negligent misrepresentations of material facts and omitted material information about private placement offerings involving two proposed broker-dealer firms to a prospective purchaser. The findings stated that Visher, the Chief Compliance Officer, Chief Financial Officer, and Managing Director of both entities, prepared and distributed all written materials related to the offerings and sent emails to the prospective purchaser in which he provided additional information about the offerings and answered the prospective purchaser’s questions. In the written materials and emails, Visher negligently misrepresented that the entities were approved FINRA members and broker-dealers. Visher incorrectly believed that the inaccurate representations in the written documents were boilerplate and would not cause confusion. However, these misrepresentations and omissions were material and misleading because they gave the prospective purchaser inaccurate information about the entities’ regulatory approval to operate core business lines. In addition, after FINRA denied a new membership application (NMA) for one of the entities, Visher sent the prospective purchaser an email and attachments that continued to refer to that entity as a broker-dealer and outlined first year projections for the entity’s income and expenses, including projected income from broker-dealer revenue streams that required FINRA membership and approval. After filing an NMA for the other entity, which was largely identical to the NMA FINRA had already denied the prior month, Visher sent an email to the prospective purchaser stating that the company name was amended, without disclosing that the other entity was a separate legal entity, formed after FINRA had denied the initial NMA. Visher believed that the prospective investor understood the legal status of each entity. However, these misrepresentations and omissions were material and misleading because they gave an incorrect impression of the likelihood that the other entity would receive approval to operate as a U.S. broker-dealer and earn revenue. Further, Visher sent another email to the prospective purchaser in which he negligently misrepresented that he was registered with FINRA in multiple capacities, including as a General Securities Principal, Registered Options Principal, and Financial and Operations Principal (FINOP), when those registrations had expired. Although Visher was in the process of seeking an administrative waiver from FINRA to avoid the need to retest for each expired registration, FINRA had not approved Visher’s request. Visher believed that FINRA would ultimately approve the request. However, Visher’s misstatements and omissions were material because they provided the prospective purchaser with inaccurate information about Visher’s qualifications. Later, the prospective purchaser signed the other entity’s private placement memorandum and subscription agreement and invested $25,000 in exchange for a 10 percent ownership interest in that entity. Visher returned these funds to the purchaser and also paid the purchaser a 30 percent premium. The suspension is in effect from March 4, 2024, through July 3, 2024. (FINRA Case #2023077914601) If you have suffered losses as a result of Ramses David Visher's act and/or actions we would like to hear from you.  The Schwartz Law Firm represents investors in claims against financial advisors and their firms. If you have questions about your potential claim or need assistance from an investment fraud lawyer, please contact us at 866-618-0545 or email Matthew Schwartz directly at mschwartz@tslfirm.com.