February 2019 – Collinsville, IL
According to public records, Jay R. Weiser (CRD#1511042) a former stockbroker who was previously employed by Despain Financial Corporation, discloses a regulatory event, a pending customer dispute and a termination of 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 January of 2019, Weiser was permanently barred from the securities industry by FINRA after he failed to cooperate with FINRA’s requests for documents and for on-the-record testimony related to its investigation into his conduct regarding the sale of Promissory Notes and interests to determine whether Weiser engaged in unapproved private securities sanctions.
In May of 2018, a customer of Despain Financial Corporation , filed FINRA case #18-01750 alleging that Weiser mismanaged claimant’s retirement assets. The alleged damages are $498,047.
Weiser was employed by Despain Financial since 2000. In June of 2018 Weiser was discharged by Despain after clients alleged that he sold investments and life insurance to them that was not suitable for their situation. Weiser discloses business affiliations with Weiser Financial in Earlville, IL and Despain Investment Solutions in Collinsville, IL.
If you have questions about an account handled by Jay Weiser, contact us for a no charge consultation to learn how you may be able to recover damages from his employer 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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