Did you lose money investing with Jay Weiser (CRD# 1511042)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Jay Weiser. If you suffered losses investing with Jay Weiser, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
As of October 8, 2020, Jay Weiser’s FINRA BrokerCheck Report contains the following:
BARRED: FINRA has barred this individual from acting as a broker or otherwise associating with a broker-dealer firm.
3 Customer Dispute(s)
1 Regulatory Event(s)
1 Employment Separation After Allegations
UPDATE 10/08/2020: According to FINRA’s March 2019 Disciplinary Actions: “Jay R. Weiser (CRD #1511042, Mendota, Illinois) January 17, 2019 – An AWC was issued in which Weiser was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Weiser consented to the sanction and to the entry of findings that he failed to cooperate with FINRA’s requests for documents and for on-the-record testimony related to an investigation into his conduct regarding the sale of promissory notes and interests in a company to determine whether he engaged in unapproved private securities transactions. (FINRA Case #2018058604101)
Current and Previous Registrations
06/21/2000 – 06/22/2018 DESPAIN FINANCIAL CORPORATION (CRD#:17360) COLLINSVILLE, IL
02/14/2000 – 06/29/2000 AMERICAN EXPRESS FINANCIAL ADVISORS INC. (CRD#:6363) MINNEAPOLIS, MN
02/14/2000 – 06/29/2000 IDS LIFE INSURANCE COMPANY (CRD#:6321) MINNEAPOLIS, MN
06/13/1986 – 09/01/1999 PRUCO SECURITIES CORPORATION (CRD#:5685) NEWARK, NJ
Due Diligence Requirement
FINRA requires broker’s to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokers and the brokerage firms they work for that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
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