Soreide Law Group (888-760-6552) obtained the following information from FINRA’s December disciplinary actions:
Jeffrey D. Jacobson (CRD #1976541, Maple Grove, Minnesota)
was fined $7,500 and suspended by FINRA for 15 business days for allegedly failing to adequately supervise a representative who initiated hundreds of trades for elderly clients without contacting them and unsuitably recommended transactions to those clients.
FINRA’s findings stated that Jacobson was primarily responsible for supervising the representative’s trading activity, although he was not responsible for approving the representative’s trades of municipal bonds. Jacobson did not adequately investigate warning signs, such as the clients’ repeated appearing on certain monthly exception reports addressing accounts with high levels of trading activity. Jacobson never communicated with the clients, relying instead on “activity letters” that did not adequately describe the representative’s trading activity or adequately inform the client about the concerns that prompted the letters.
According to FINRA, Jacobson also failed to alert any other supervisory personnel about the representative’s trading activity.
This suspension was in effect from November 21, 2016, through December 12, 2016.
(FINRA Case #2015047008702)
Jeffrey Jacobson has been registered in the securities industry for 23 years and is currently registered with the following firm since firm since 12/9/2002:
Dougherty & Company LLC
90 SOUTH SEVENTH STREET, SUITE 4300
MINNEAPOLIS, MN 55402
If you or an elderly loved one experienced losses due to the actions or recommendations of Jeffrey D. Jacobson with Dougherty & Company LLC of Minnneapolis, MN, call the Soreide Law Group and speak at no-cost with a lawyer regarding the possible recovery of your losses at: 888-760-6552.
Soreide Law Group represents clients nationwide and we operate on a contingency fee basis.
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