The Financial Industry Regulatory Authority (“FINRA”) barred LPL Financial LLC securities broker Jason Nelson (CRD#: 4824535, Tremonton, Utah). Evidently, Nelson submitted a Letter of Acceptance, Waiver and Consent (“AWC”) on May 30, 2019, which FINRA accepted on June 6, 2019. Notably, FINRA says that Nelson violated FINRA Rules by refusing to provide testimony while under investigation. Here’s more on the AWC:
Mainly, FINRA says that on May 23, 2019, it asked Jason Nelson to give sworn testimony. FINRA relied upon its investigative power pursuant to Rule 8210 to require Nelson’s testimony. Apparently, Nelson responded by telling FINRA that he refused to testify at any time. Because of this, FINRA said Nelson violated FINRA Rules 8210 and 2010.
It is typically a career-ending move when a broker refuses to follow FINRA Rule 8210. Namely, Rule 8210 authorizes FINRA to require a broker turn over books, records, information or documentation as part of a FINRA investigation. Additionally, as is the case with Jason Nelson, FINRA can require brokers to testify about any alleged misconduct against them which raise questions about violations of FINRA Rules. Brokers who fail to follow FINRA Rule 8210 are typically barred by FINRA. Nelson fell into this category.
Evidently, Jason Nelson reports on FINRA BrokerCheck that LPL Financial disaffiliated with him on January 10, 2018. Notably, LPL Financial said that Nelson misrepresented LPL Financial client financial information when he made fixed and variable annuity sales. However, FINRA did not confirm whether it investigated Nelson for making misrepresentations about LPL Financial clients in violation of FINRA Rules.
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