FINRA Issues Sanctions To Jeffrey Basford

Soreide Law Group is investigating possible investor claims against securities broker Jeffrey Daniel Basford (CRD:  5077566, Westport, CT). Evidently, FINRA sanctioned the securities broker, who worked for David Lerner Associates Inc. Allegedly, Basford failed to testify when FINRA investigated the securities broker for possibly violating FINRA rules. Here is a brief summary of FINRA’s allegations against Basford.

FINRA Bars Jeffrey Basford For Failure To Testify

Notably, on August 15, 2022, FINRA issued Case: 2019063686202, sanctioning Jeffrey Basford for infractions. Specifically, Basford was barred as a securities broker. Notably, FINRA claims that Basford failed to testify when FINRA investigated the securities broker for possibly violating FINRA rules.

Mainly, FINRA began an investigation into Basford concerning the potentially unsuitable sales of proprietary energy products during the time that he was associated with David Lerner Associates. On June 21, 2022, FINRA sent Basford a request to appear for testimony. On July 5, 2022, Basford indicated that he received FINRA’s request but would not appear for testimony at any time. As a result, Basford violated FINRA Rules 2010 and 8210.

David Lerner Associates Inc. Investor Accuses Basford Of Unsuitable Recommendations

Evidently, a David Lerner Associates Inc. client filed FINRA Arbitration: 21-01532 about Jeffrey Basford. Namely, the client alleged that Basford made unsuitable recommendations, misrepresentations, and omissions. Because of this, the client allegedly sustained damages by investing in private placements (Energy 11 and Energy Resources 12). Therefore, on May 19, 2022, David Lerner Associates Inc. settled this matter by paying the client $205,000 in damages.

Jeffrey Basford Discloses Misrepresentation Allegations By David Lerner Associates Inc. Client

Also, a client of David Lerner Associates Inc. contested Jeffrey Basford’s sales practices by filing FINRA Arbitration: 21-01809 on July 15, 2021. Allegedly, Basford made unsuitable recommendations, misrepresentations, and omissions. Supposedly, Basford caused the client to sustain damages by investing in mutual funds and private placements (Energy 11). Therefore, the client seeks compensatory relief from David Lerner Associates Inc. or Basford in the amount of $200,000 in this ongoing matter.

Basford Employment Information

Jeffrey Basford worked for David Lerner Associates Inc. in Westport, CT, as a securities broker from January of 2006 to May of 2022.

Damages Resulting From David Lerner Associates Inc. Securities Broker Jeffrey Basford?

Did you experience damages by investing with Jeffrey Basford? You can contact Soreide Law Group at (888) 760-6552 and talk with a securities lawyer about a possible recovery of your investment losses. Soreide Law Group, who has effectively recovered money for hundreds of investors in the United States, can review your situation and explain your legal options. Also, the firm represents clients on a contingency fee basis and advances all costs. Basford and the brokerage firms Basford worked for deny any and all allegations of sales practice violations.