FINRA Bars Brad Jacobson

Soreide Law Group is investigating possible investor claims against securities broker Brad Michael Jacobson [CRD: 4859099, Linwood, New Jersey]. Notably, FINRA punished the securities broker, who worked for Wells Fargo Clearing Services LLC. Allegedly, Jacobson did not comply with FINRA investigators. Here is a brief summary of FINRA’s allegations against Jacobson.

FINRA Sanctions Jacobson For Failure To Provide Information

Particularly, on July 5, 2023, FINRA issued Case: Acceptance, Waiver, and Consent No. 2022074784201 regarding Brad Jacobson. Specifically, Jacobson was barred as a securities broker. Notably, FINRA alleged that Jacobson failed to provide information and documents to the regulator in an investigation into potential FINRA rule violations.

Although he neither admitted nor denied the claims, Jacobson agreed to the sanctions and the findings. Specifically, FINRA's investigation revealed that Jacobson did not supply the required documents and information when they were requested. FINRA concerns arose from an alleged misappropriation of a client's funds and Jacobson's involvement in an outside business activity that wasn't approved.

The root of this issue came to light when a Form U5 was reviewed by FINRA. The Form U5 was an employment termination document submitted by Jacobson's member firm. This form reportedly revealed Jacobson's termination, indicating his involvement in an unauthorized OBA. Furthermore, he had allegedly tried to secure a debit card for personal use, linked to a client's business account.

Jacobson Discloses Illiquid Investments Allegations By UBS Financial Services Inc. Client

Specifically, a client of UBS Financial Services Inc. contested Brad Jacobson’s sales practices, according to a complaint. Supposedly, Jacobson caused the client to sustain damages on illiquid auction rate securities. Therefore, UBS Financial Services Inc. opted to settle the matter on December 23, 2008, by compensating the client in the amount of $200,000.

Employment Information

Brad Jacobson worked for Wells Fargo Clearing Services LLC as a securities broker from November 2011 to April 2022.

Damages Resulting From Wells Fargo Clearing Services LLC Securities Broker Brad Jacobson?

Did you sustain losses by investing with Brad Jacobson? If so, reach out to Soreide Law Group online or at (888) 760-6552 and speak with a securities lawyer regarding a possible recovery of your investment losses. Soreide Law Group, who has helped recover money for investors throughout the country, represents clients on a contingency fee basis and advances all costs. Jacobson and brokerage firms Jacobson worked for deny any and all allegations of sales practice violations.