National investment loss lawyers KlaymanToskes reports broker/investment advisor Brad Michael Jacobson (CRD# 4859099) has been permanently barred from acting as a broker or associating with a broker-dealer firm by the Financial Industry Regulatory Authority (“FINRA”).
According to FINRA BrokerCheck, Brad Jacobson was previously registered with Wells Fargo Clearing Services from 2011 to 2022 in Linwood, NJ. FINRA’s decision comes after Jacobson refused to produce investigation-related information regarding his alleged participation in outside business activities and his alleged conversion of a Wells Fargo customer’s funds.
Investors that suffered losses with Brad Jacobson may be entitled to a financial recovery. Contact Lawrence L. Klayman, Esq. immediately at (888) 997-9956 or lklayman@klaymantoskes.com to discuss your recovery options at no cost.
On July 5th, 2023, FINRA’s Department of Enforcement entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) with Brad Jacobson, disclosing that he consented to sanctions of a permanent bar from associating with any FINRA member in all capacities.
According to the AWC, the matter originated from FINRA’s examination of a Form U5 filed by Wells Fargo which disclosed that Jacobson was terminated because he allegedly engaged in an unapproved outside business activity and “submitted a service request to obtain a debit card issued for himself drawn on a client’s business account.”
FINRA’s Form U5 is the “Uniform Termination Notice for Securities Industry Registration,” used by brokerage firms each time one of their registered employees leaves the firm, for any reason. On May 24, 2023, FINRA sent a request to Jacobson pursuant to FINRA Rule 8210 for the production of information and documents.
The AWC further disclosed that on June 7th and 14th, 2023, Jacobson acknowledged that he received FINRA’s request and will not produce the information or documents requested at any time. By refusing to provide the information and documents as requested pursuant to FINRA Rule 8210, Jacobson violated FINRA Rules 8210 and 2010
Under FINRA Rule 8210, all brokerage firms and registered financial professionals are required to provide information, documents, and testimony upon regulators’ requests.
A violation of FINRA Rule 8210 is also a violation of FINRA Rule 2010, which requires brokerage firms and their registered representatives to “observe high standards of commercial honor and just and equitable principles of trade.”
Former customers of Brad Jacobson that suffered losses at Wells Fargo are encouraged to contact our firm immediately to discuss recovery options at 888-997-9956 or on the web at www.klaymantoskes.com.
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
KlaymanToskes, P.A.
Lawrence L. Klayman, Esq.
888-997-9956
lklayman@klaymantoskes.com
www.klaymantoskes.com