FINRA, Investors Allege Misconduct By American Wealth Management Securities Broker Jason Seale
The Financial Industry Regulatory Authority (FINRA) reportedly issued securities broker Jason Lee Seale III (CRD#: 1874548, Novato, California) a suspension and fine for allegedly making discretionary trades in four client accounts at American Wealth Management Inc. In addition, five investors filed disputes about Seale, and two of those disputes concern Seale’s actions at American Wealth Management. Let’s look at FINRA’s regulatory action against him and what investors allege in their disputes.
FINRA Sanctions Jason Seale For Making Discretionary Trades In American Wealth Management Client Accounts
Notably, FINRA issued Jason Seale a 15-day suspension and a $5,000 fine to resolve allegations that he violated regulatory rules by making discretionary trades in client accounts without having authorization from clients and American Wealth Management. It seems that the securities broker made 60 unauthorized trades in four client accounts from 2016 to 2018. Also, he allegedly relayed to his employer through a compliance attestation that he only traded with appropriate written authorization. Evidently, Seale fully served the suspension. He no longer works for American Wealth Management as of September 2021.
Prior NASD Action Concerns Misleading, Unbalanced Sales Literature
Previously, NASD sanctioned Seale for sending clients sales literature containing unbalanced statements and misleading information. Supposedly, Seale’s sales literature was problematic as clients could not properly evaluate his investments. Because of this, the securities broker agreed to pay a $7,500 fine and serve a 10-day suspension to resolve this matter.
American Wealth Management Client Alleges Unsuitable Recommendation By Seale
Evidently, a client of American Wealth Management disputed Jason Seale’s sales practices. In this complaint, the client first alleges that Seale misrepresented information or misled them about preferred stocks. Secondly, the securities broker faces accusations of making unsuitable recommendations of preferred stocks. However, this dispute closed without a resolution.
Moreover, a second American Wealth Management client disputed Jason Seale’s sales practices. Supposedly, the securities broker did not sell the client’s stock when directed. Although, this matter was also closed without resolution.
Client Of Raymond James Financial Services Alleges Churning By Jason Seale
It appears that Jason Seale worked for Raymond James Financial Services in Saint Petersburg, Florida, before joining American Wealth Management. BrokerCheck shows that a client of Raymond James Financial Services complained about Seale. Namely, the dispute alleges that Seale excessively traded and churned their account. Moreover, the client alleges unsuitable investment recommendations. Supposedly, the securities broker caused them to experience losses on equities and mutual funds. For this reason, Raymond James paid the client $100,000 to settle this dispute.
Did You Sustain Damages By Investing Through Seale?
Did securities broker Jason Seale cause you to experience losses? If so, call Soreide Law Group at (888) 760-6552 and speak with a skilled securities lawyer about a potential recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered meaningful compensation for United States investors who incurred losses from their financial advisors and securities brokers. Please note that Seale denies all allegations of his sales practice violations.