Jacob L Harper Fined and Suspended by FINRA

Jacob Lee Harper (Jacob L Harper, Jake Harper) formerly registered as a broker and a financial advisor, was suspended for twenty-two months and fined $17,500.00 after FINRA alleged he borrowed thousands of dollars from clients without his firm’s knowledge and later allegedly provided false information to regulators. The “Regulatory” disclosure on BrokerCheck is dated 11/10/2025.

Without admitting or denying FINRA’s findings, Jacob L Harper consented to the sanctions and to the entry of findings that he allegedly borrowed $50,000 from two customers without obtaining prior written approval from his member firm.

FINRA’s findings stated that Jacob L Harper allegedly borrowed the money from two of his friends and customers that were neither a member of his immediate family nor a lending related financial institution. The loans, which were obtained in part to support Jake Harper's OBA (Outside Business Activity), were not documented in writing and had no specified duration, repayment schedule, or interest rate.

The FINRA report states that Jacob L Harper has returned $3,000 to one customer but to date, Harper has not made any other principal or interest payments to the customers. After obtaining the loans from the customers, Harper completed a firm compliance certification that falsely stated that he did not have a borrowing or lending arrangement with a customer who was not a member of his immediate family or a financial institution in the business of financing.

FINRA’s findings also alleged that Harper established three outside securities accounts without obtaining prior written consent from his firms. The report alleged Jacob L Harper partially funded the accounts held in his fiancée's name at another FINRA member firm. FINRA alleges that Harper materially contributed to his fiancée's financial support, including through the loans he obtained from the customer, which were obtained partly to provide financial support to their joint business. FINRA alleges Jake Harper placed over 1,000 trades in the accounts, including in two securities on his firm's restricted list. 

The FINRA report alleges Jacob L Harper completed a firm compliance certification that falsely stated that his list of outside securities accounts, which did not include the outside accounts, was complete and accurate. When Harper left his firm and joined another firm, FINRA alleges he failed to disclose the accounts or obtain the firm's written consent within 30 days. He allegedly completed another compliance questionnaire in which he falsely stated that there were no outside securities accounts in which he had a beneficial interest. Harper later disclosed the accounts to his firm.

According to a recent article from InvestmentNews, Jacob L Harper was most recently registered with LPL Financial of Laguna Niguel, California and was previously registered with DA Davidson & Co of Newport Beach, California. According to a settlement letter made public, LPL Financial terminated Harper's registration with the firm last month.

Before DA Davidson & Co, Harper was listed with Wells Fargo Clearing Services of Sacramento, California from 08/05/2013 - 09/20/2023.

FINRA’s BrokerCheck lists Jacob L Harper as having 20 years of experience in the securities industry and was listed with 7 firms.

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