New York Life Insurance Broker, Ivan Ramos Admits Securities Fraud Scheme
NEWARK, N.J (STL.News A New York Life insurance broker today admitted his role in a scheme to fraudulently use his association with the company to solicit investor money, Acting U.S. Attorney Rachael A. Honig announced.
Ivan Ramos, 39, of Hillside, New Jersey, pleaded guilty by videoconference before U.S. District Court Judge Claire C. Cecchi to an information charging him with one count of securities fraud.
According to documents filed in this case and statements made in court:
Ramos, who worked at New York Life selling life insurance, sought out inexperienced investors seeking low-risk investments . The victims met Ramos after purchasing life insurance through him, or through New York Life marketing events, or through mutual acquaintances. Ramos led his victims to believe, through misrepresentations and omissions, that two entities that he controlled, Invexperts LLC and Wealth Seeds Capital LLC, were associated with New York Life when they were not. The victims believed that the money they entrusted to Ramos would be placed in investments through New York Life, and accordingly multiple victims referenced New York Life on the memo line of their investment checks.