Palmery Robert Desir, Formerly of Richfield Orion International, Suspended by FINRA Following Allegations of Excessive and Unsuitable Trades

INVESTORS: Former Richfield Orion International broker Palmery Robert Desir was suspended by FINRA following allegations he made excessive and unsuitable trades in customers’ accounts.

Palmery Robert Desir (CRD: 5559016) was registered as a broker with Richfield Orion International from 2018 until 2022. Previously, Desir was registered as a broker with Joseph Stone Capital from 2016 until 2018.

Desir has four disclosures on his BrokerCheck report. One customer dispute filed against Desir was denied.

May 2022 Regulatory Judgment

Initiated By: FINRA

Allegations: Without admitting or denying the findings, Desir consented to the sanctions and to the entry of findings that he excessively and unsuitably traded one customer’s account. The findings stated that the customer’s account had an average equity of approximately $700,000, and Desir recommended that the customer place trades in his account with a total principal value of $3,860,000. The customer relied on Desir’s advice and accepted his recommendations. Collectively, Desir’s recommended trades caused the customer to pay over $134,900 in commissions and other trading costs, which resulted in an annualized cost-to-equity ratio of 20 percent – meaning that the customer’s account would have had to grow by more than 20 percent annually just to break even.

Resolution: Acceptance, Waiver & Consent (AWC)

Sanctions: Civil and Administrative Penalty(ies)/Fine(s)

Amount: $5,000.00

Sanctions: Suspension

Registration Capacities Affected:  All Capacities

Duration: Four Months

Start Date: 6/21/2022

End Date: 10/20/2022

Sanctions: Restitution is not ordered against Desir because the customer has initiated an arbitration pertaining to Desir’s excessive trading of his account.

May 2022 Regulatory Judgment

Initiated By: FINRA

Allegations: Desire did not recommend suitable securities, based on FINRA inquisitors determination.

Resolution: Acceptance, Waiver & Consent (AWC)

Sanctions: Suspension

Registration Capacities Affected:  GS

Duration: Four Months

Start Date: 6/22/2022

End Date: 10/24/2022

Sanctions: Fine of $5,000.

September 2022 Customer Dispute

Status: Pending

Allegations: Vague claims of transactions conducted at instructions of client and commissions charged.

Damage Amount Requested: $5,000.00

The Sonn Law Group is currently investigating allegations surrounding Palmery Robert Desir. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.