February 2018-Oklahoma City, OK
According to publicly available records Jay D. Jordan , (CRD# 1776666) , a former stockbroker who last worked for WFG Investments discloses that he was recently permanently barred from the securities industry by the Oklahoma Department of Securities for a variety of reasons, including:
- engaging in dishonest and unethical practices by effecting unauthorized transactions in customer accounts
- exercising discretionary power in customer accounts
- disclosing customer account information to an unauthorized third party
- recommending investment strategies without reasonable grounds
- making false statements to his brokerage firm
He was also barred from the securities industry by FINRA for exercising hundreds of unsuitable purchases of non-traditional exchange traded funds (ETFs). exercising discretion, and failing to report customer complaints to his firm.
His FINRA record discloses 10 pending and 4 prior customer disputes and a termination from employment.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In the previously resolved customer complaints, damages in excess of $1 million were paid to settle claims by customers.
The currently pending claims by customers of Jordan seek damages in excess of $9 million.
Jordan was employed by WFG Investments from 9/2005-4/2016. He was discharged by WFG Investments 3/2016. WFG made the following allegation on Jordan’s FINRA record in connection therewith: “WFG has reasonably concluded the representative failed to follow certain policies of WFG, including: failure to report a customer complaint, attempting to settle a customer complaint, unauthorized use of a personal email address to communicate with a customer, and mischaracterizing aspects of an outside business activity.”
If you have losses in an investment account handled by Jay D. Jordan , call to learn how you may be able to recover damages through FINRA arbitration.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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