JASON N ANDERSON CRD#: 4370191, a former LPL financial advisor from Beaumont, Texas, was suspended indefinitely by FINRA in October of 2017, and now the Texas State Securities Board has suspended Anderson for 90 days for allegedly charging unreasonable fees to his clients.
The Financial Industry Regulatory Authority, Inc. (FINRA) suspended Anderson indefinitely in October of 2017 for allegedly failing to comply with an arbitration award or settlement agreement and failing to respond to a FINRA request for information concerning the status of compliance.
When Anderson was with LPL, he allegedly recommended an active equity-trading strategy to clients who had stated a preference for a moderate growth and risk. The Texas State Securities Board faulted Anderson for not considering the trading costs associated with the strategy or the impact that the costs would have on the rate of return needed to earn, then generate a positive return for the client. In particular, one client costs were allegedly almost 30% of the value of the average equity securities in the client's account. The Texas State Securities Board believed the trading costs and commissions inequitable securities sales practices.
According to the court papers from a federal Texas court, in November of 2016, two elderly clients filed a class-action lawsuit against LPL and Anderson alleging unauthorized trading, churning and mismanagement of client accounts from April 2007 to January 2016.
JASON N ANDERSON is suspended from the industry, however the Texas State Securities Board granted his registration application with Financial Management Services of America, a SEC-registered investment advisor firm.
According to FINRA’s BrokerCheck, JASON N ANDERSON has 4 disclosures on his report. He was “discharged” from LPL in January of 2016 for allegedly conducting “discretionary trading in brokerage account, in violation of Firm policy.” Anderson was “discharged” from Kovack Securities in May of 2016 following allegations of, “Incomplete signed documents found during audit.”
JASON N ANDERSON has 15 years of experience in the securities industry and was listed with 4 firms, the 3 most recent listed below:
05/20/2016 - 04/18/2017 IFS SECURITIES - Beaumont, TX
01/27/2016 - 05/12/2016 KOVACK SECURITIES INC - BEAUMONT, TX
04/16/2007 - 02/19/2016 LPL FINANCIAL LLC - BEAUMONT, TX
If you were a client of broker, JASON N ANDERSON, formerly of LPL Financial of Beaumont, TX, and you experienced losses due to his actions or recommendations, contact Soreide Law Group and speak to an experienced securities lawyer regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group represents clients nationwide before FINRA. We operate on a contingency fee basis, no fee if no recovery. Let our years of experience work for you.
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