Securities Broker Jay Weiser (Des Pain Financial) Involved In Investment Disputes
The Financial Industry Regulatory Authority (“FINRA”) reports new important information in regard to securities broker Jay R. Weiser (CRD#: 1511042, Collinsville, Illinois). Notably, the securities broker, who worked for Des Pain Financial Corporation from June 2000 to June 2018, is involved in two investor disputes. Additionally, FINRA barred Weiser as securities broker for refusing to cooperate in an investigation. Here’s more.
Des Pain Financial Corporation Client Alleges That Jay Weiser Mismanaged Their Retirement Account
Evidently, a client of Des Pain Financial Corporation brought a dispute about Jay Weiser in February 2020. Namely, Weiser is accused of mismanaging retirement assets. It seems that the client sustained losses by investing in a promissory note because of Weiser. For this reason, the client asked for $100,000 in compensation from Des Pain Financial Corporation. This matter is currently ongoing.
FINRA Bars Weiser For Refusing Its Requests While Under Investigation
Notably, FINRA, who regulates most securities brokers in the United States, barred Jay Weiser in January 2019 to resolve allegations that Weiser chose not to testify when FINRA wanted him to. It appears that FINRA wanted more information about Weiser’s sales or recommendations of promissory notes. Particularly, FINRA knew that Des Pain Financial Corporation alleged that he sold products and life insurance that were not suitable for a client.
Critically, suitability takes into account a client’s risk tolerance, investment objectives, financial needs and other information to determine whether transactions make sense. Also, when a securities broker engages in securities transactions separately from the business arrangement they have with their employer, then the securities broker normally has to disclose these transactions to their employer. Failing to do so can be a violation of company policy and often FINRA rules. In this case, Jay Weiser reportedly refused to testify or provide documents concerning his potentially unauthorized transactions. By way of the FINRA bar, Weiser is disallowed from being a FINRA-member securities broker.
Other Clients Of Des Pain Financial Corporation Allege Mismanagement By Jay Weiser
Also, a second client of Des Pain Financial Corporation contested Jay Weiser’s sales practices. Namely, the client alleged in this October 2018 lawsuit that Weiser caused them damages on a promissory note transaction. Supposedly, Weiser mismanaged their retirement assets. For this reason, Des Pain Financial Corporation opted to resolve this matter through making a $27,500 payment to the client.
In a prior dispute about Jay Weiser, a client alleged mismanagement. The client brought the FINRA Arbitration Claim in May 2018. Particularly, the client contended that the securities broker caused their damages or losses on an insurance transaction and a promissory note transaction. For this reason, the client received $112,500 in a settlement.
Did You Experience Investment Losses By Investing Through Weiser?
Have you sustained losses because of securities broker Jay Weiser? If so, contact Soreide Law Group at (888) 760-6552 and talk with our securities attorney about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions for investors who have fallen victim to financial advisor and securities broker mistreatment. FINRA BrokerCheck indicates that Weiser denies all allegations of his sales practice violations.
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