n June 6, 2019, the Financial Industry Regulatory Authority Inc. (FINRA) barred JASON REED NELSON (CRD#: 4824535) from acting as a broker or otherwise associating with a broker-dealer firm.
Nelson was formerly a registered representative with LPL Financial in Tremonton, Utah, and according to the FINRA report, he allegedly refused to take part in an inquiry into his sales practices.
FINRA stated that without admitting or denying the findings, JASON REED NELSON consented to the sanction and to the entry of findings that he allegedly refused to provide on-the-record testimony requested by FINRA. FINRA’s findings stated that Nelson’s former member firm had terminated his employment and submitted a Form U5 indicating that he had misrepresented client financial information to the firm in connection with annuity purchases.
An annuity is a contract in which an insurance company agrees to make a series of payments in return for a premium (or premiums) that an investor has paid. The investor does not pay taxes on an annuity during its growth phase, however, when they start taking distributions, not only are they taxed, but the rate is often higher than for many other investments. Brokers must make their clients aware of this and other pros and cons of annuities.
According to FINRA’s BrokerCheck, JASON REED NELSON was discharged by LPL Financial in Tremonton, Utah, January of 2018, following allegations that he “misrepresented customer financial information to the firm in connection with annuity purchases.” Nelson was with LPL Financial for five years, from 01/17/2013 until 01/19/2018.
JASON REED NELSON was with EDWARD JONES of Tremonton, Utah, from 09/08/2004 until 01/18/2013.
If you’ve suffered investment losses due to the actions or recommendations of former LPL Financial of Tremonton, Utah, broker, JASON REED NELSON, contact an experienced securities lawyer at Soreide Law Group at no cost regarding the possible recovery of your financial losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group works on contingency and represents our clients nationwide before FINRA.