TAG | broker did not provide written notice to firm for approval
Soreide Law Group, PLLC, a Securities Arbitration Law Firm, (888) 760-6552, found the following information on FINRA’s website under “Disciplinary and Other FINRA Actions, April, 2013.”
Forrest Nolan Jackson (CRD #4222253, Registered Representative, Austin, Texas)
was barred from association with any FINRA member in any capacity. Without admitting or denying the allegations, Jackson consented to the described sanction and to the entry of findings that, acting outside the course and scope
of his employment with his member firm, he participated in private securities transactions from which he received selling compensation without providing prompt prior written notice to his firm of his proposed role in, or the selling compensation that he might receive from, the transactions.
FINRA’s findings stated that Jackson never received his firm’s written approval to participate in private securities transactions. Jackson, working with others through an entity he created, participated in the sale of at least $60 million of securities in the form of notes away from his firm.
This entity generated at least $6 million in gross revenues from the sales and Jackson received at least $400,000 of those gross commission revenues. Also, FINRA’s findings stated that in connection with the entity’s marketing and
distribution of notes, Jackson attended several meetings at the offerer’s offices and attended sales training sessions that the offerer required for all individuals and other entities involved in selling the notes.
The findings also included that Jackson participated in the sales of the notes by investing $76,000 of his own funds in the notes and by referring family member to the offerer, who themselves invested a total of $100,000 in the notes.
FINRA found that Jackson prepared and provided to his firm an outside business disclosure form disclosing the entity, which stated the nature of its business was wholesaling fixed annuities. The form did not refer to the offerer, notes, securities or any investment products other than fixed annuities.
(FINRA Case #2010023502901)
According to FINRA’s BrokerCheck, this broker was previously registered with FINRA at the following brokerage firms:
GRANT WILLIAMS L.P.
08/2009 – 01/2011
LONGVIEW FINANCIAL GROUP, INC
NEW YORK, NY
05/2009 – 07/2009
ASCHER/DECISION SERVICES, INC.
SAN MARINO, CA
10/2008 – 03/2009
This ends the information from FINRA’s website.
If you or a loved one have experienced a financial loss due to your stockbroker or financial advisor’s recommendations, call Soreide Law Group for a free consultation with an attorney at: 888-760-6552.
Ascher/Decision Services Inc · broker did not provide written notice to firm for approval · brokers selling private securities · failure to obtain written consent · Forrest Jackson Barred by FINRA · Forrest Nolan Jackson Austin Texas · Grant Williams LP · Longview Financial Group Inc · private securities transactions without written notification · wholesaling fixed annuities
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