National investment loss lawyers KlaymanToskes reports broker/investment advisor John C. Jacobsen (CRD# 2864333) 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, John Charles Jacobsen was previously registered with Morgan Stanley from 2009 to 2020 in Little Falls, NJ and New York, NY. Jacobsen also did business as Wealth Financial Partners in Liberty Corner, NJ, and was most recently registered with Independent Financial Group from 2021 to 2023 in Liberty corner, NJ.
FINRA’s decision comes after Jacobsen refused to produce information and documents in connection with the regulator’s investigation into the circumstances surrounding his termination from Morgan Stanley.
Investors that suffered losses with John Jacobsen may be entitled to a financial recovery. Contact Lawrence L. Klayman, Esq. immediately at (888) 997-9956 or lawrence@klaymantoskes.com to discuss your recovery options. We do not collect attorney’s fees unless we obtain a financial recovery for you.
On July 25th, 2023, FINRA’s Department of Enforcement entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) with John C. Jacobsen, disclosing that he consented to sanctions of a permanent bar from associating with any FINRA member in all capacities.
According to the AWC, Morgan Stanley filed a Form U5 on November 25, 2020, disclosing that the firm had discharged Jacobsen due to “[c]oncerns that the representative submitted transactions under production numbers that were inconsistent with [an] agreement with another representative resulting in a shortfall of revenue credited to the other representative.”
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 July 3, 2023, FINRA sent a request to Jacobsen for the production of information and documents pursuant to FINRA Rule 8210. The AWC further disclosed that on July 6, 2023, Jacobsen acknowledged that he received FINRA’s request and would not produce the information or documents as requested.
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.”
By refusing to produce the information or documents as requested pursuant to FINRA Rule 8210, Jacobsen violated FINRA Rules 8210 and 2010.
Former customers of John Jacobsen that suffered losses at Wealth Financial Partners, Morgan Stanley and/or Independent Financial Group 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
lawrence@klaymantoskes.com
www.klaymantoskes.com