Jennifer Basey Facing Allegations of Misrepresentation at Stifel Nicolaus

Financial Industry Regulatory Authority (FINRA) BrokerCheck reveals disclosures about securities broker Jennifer Lillian Basey (also known as Jennifer Lillian Hilliard) (CRD#: 4730054, McDonough, Georgia). Basey has been registered with American Global Wealth Management Inc. since November 16, 2023. Previously, she was employed by Stifel Nicolaus from January 2020 to November 2023 and Edward Jones from January 2004 to December 2019.

Recent disclosures raise concerns regarding Basey’s conduct, including regulatory actions, client disputes, and employment terminations.

Client Disputes Alleged Misrepresentation, Unsuitable Recommendations

On September 5, 2023, a client of Stifel Nicolaus alleged that Basey assured them that investments were safe and had them invest in preferred stocks over par without their consent, resulting in financial losses. The firm denied the client’s complaint on September 11, 2023. However, on November 2, 2023, the client's attorney alleged that Basey paid cash to silence the complaint. Basey had previously paid cash to the clients on October 12, 2021. The dispute settled on December 20, 2023, with the firm compensating the client with $25,000.

Another client dispute, filed on October 14, 2013, alleged that Basey misrepresented investment returns, stating that interest earned would exceed other options without informing the client of potential losses. This dispute settled on October 23, 2013, with a payment of $5,501.62.

A previous complaint filed on December 21, 2009, claimed that Basey recommended a highly leveraged strategy, leading to financial hardship for the client. The dispute resulted in a settlement of $35,000 on March 26, 2010.

Regulatory Actions and Sanctions Against Jennifer Basey

On March 24, 2020, FINRA sanctioned Basey after finding that she falsified a client's signature and forged initials on transfer documents without prior authorization. Though the clients later ratified the actions in writing, FINRA imposed a $5,000 fine and a two-month suspension from April 20, 2020, to June 19, 2020.

Additionally, on February 12, 2020, the Michigan securities regulator intended to deny, condition, or limit Basey’s securities agent registration due to unethical behavior in the industry. This resulted in a Stipulation and Order Approving Conditional Registration on June 4, 2020.

Employment Terminations

Basey voluntarily resigned from Stifel Nicolaus on November 6, 2023, following a client dispute related to unauthorized transactions and alleged payments to silence complaints.

Previously, Edward Jones discharged her on December 6, 2019, due to concerns related to a family member’s signature and two client initials.

Contact Soreide Law About Jennifer Basey Today

Looking for more information about Jennifer Basey? If so, reach out to Soreide Law Group online or at (888) 760-6552 to consult with a securities attorney. The team at Soreide Law Group works on a contingency basis, advances all costs, and assists investors across the country with recovering losses from sales practice misconduct. Basey and the firms she worked for deny accusations of sales practice violations.