National investment loss lawyers KlaymanToskes reports broker/investment advisor Les Jackson a/k/a Leslie Don Jackson (CRD# 2176917) has been permanently barred from acting as a broker or associating with a broker-dealer firm by the Financial Industry Regulatory Authority (“FINRA”). FINRA’s decision comes after Jackson participated in private securities transactions totaling $1,975,000.
Investors that suffered losses with Les Jackson may be entitled to a financial recovery. Contact Lawrence L. Klayman, Esq. immediately at (888) 997-9956 or firstname.lastname@example.org to discuss your recovery options. We do not collect attorney’s fees unless we obtain a financial recovery for you.
According to FINRA BrokerCheck, Les Jackson a/k/a Leslie Don Jackson was previously registered with Momentum Independent Network in Dallas, TX. On September 19 2023, FINRA’s Department of Enforcement entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) with Leslie D. Jackson, disclosing that he consented to sanctions of a permanent bar from associating with any FINRA member in all capacities.
According to the AWC, Momentum filed a Form U5 on January 6, 2023, disclosing that the firm had discharged Jackson due to “violating firm policy.” 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.
FINRA’s investigation found that from 2018 to 2022, Jackson participated in the sale of promissory notes issued by entities purportedly engaged in a business that provided financing to construction companies. Jackson allegedly recommended the investments to five investors who purchased an aggregate $1,475,000 of the issuers’ promissory notes. Three of the investors were allegedly customers of the firm.
In addition, “Jackson received periodic payments from the issuers in amounts equal to 3% of each investment per year during their respective terms, paid monthly.” Jackson violated FINRA Rule 3280 and Rule 2010 by engaging in private securities transactions and failing to disclose his involvement in the purchase or sale of the promissory notes to his firm, along with failing to seek or obtain the firm’s approval to engage in the transactions.
FINRA Rule 3280 defines a private securities transaction as “any securities transaction outside the regular course or scope of an associated person’s employment with a member.”
“Selling away” in private securities transactions occurs when a broker or investment advisor engages in selling an investment to a customer that is not offered by the executing brokerage firm, and without the approval of his/her brokerage firm.
When brokers and financial advisers choose to offer their customers securities that are unapproved by their firm, they may be subject to FINRA sanctions. FINRA-regulated brokers and advisors are required to disclose outside business activities to regulators and their firms. Investors can review their broker’s outside business activities by using FINRA’s free Brokercheck tool.
If you suffered investment losses with Les Jackson, you are encouraged to contact attorney Lawrence L. Klayman, Esq. at (888) 997-9956 or email@example.com for a free and confidential consultation to discuss your legal options.
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.