Broker Jimmy Jacobs Allegedly Concealed Annuity Information

Soreide Law Group is reviewing possible investor disputes against AXA Advisors securities broker James “Jimmy” Allen Jacobs (CRD#: 256420, Chesterfield, Virginia). Not only has Virginia State Corporation Commission imposed special supervisory procedures seemingly because of Jacobs’ transgressions in the industry, but at least 5 clients raised serious concerns about the securities broker, who worked for AXA Advisors from 1980 to 2018 before it disaffiliated with Jacobs following an investigation into his possible forgery and violation of company policy. Notably, these disclosures suggest that Jacobs misrepresented investments and made unauthorized transactions causing clients’ losses. Read on to learn more about the securities broker.

Virginia Division of Securities Imposes Heightened Supervision On Jimmy Jacobs

Notably, on July 2, 2019, Virginia Division of Securities issued Order #: SEC-2019-00031 imposing special supervisory procedures for Jimmy Jacobs. It appears that Division restrained him from engaging in activities including discretionary trading. The Division also called for annual inspections of his office. Evidently, the supervisory period is effective through July 15, 2021.

Jacobs Allegedly Fails To Tell Client About Fees And Charges

Evidently, a client of AXA Advisors contested Jimmy Jacobs’ actions by making a complaint on October 21, 2016. Allegedly, Jacobs charged commissions or fees that he did not appropriately disclose to the client before selling a variable annuity. It seems that the client would not have purchased the variable annuity if Jacobs disclosed the seemingly high fees or commissions. Consequently, AXA Advisors agreed to settle the client’s dispute on November 23, 2016.

Notably, prior client disputes raise allegations of misrepresentation and omissions pertaining to life insurance. These disputes raise questions about whether Jacobs engaged in a pattern of making false or misleading statements and omissions.

Equico Securities Client Suggests Jimmy Jacobs Sold Unsuitable Mutual Funds, LP Interests

Apparently, a client of Equico Securities contested Jimmy Jacobs’ actions. Supposedly, Jacobs imprudently and unreasonably recommended or sold securities. It seems that the limited partnerships (LP) interests and mutual funds Jacobs sold had caused the client to sustain losses. Allegedly, Jacobs also breached his fiduciary responsibility and his duties to the client per an investment agreement. Consequently, Equico Securities figured to settle the client’s allegations through a $55,000.00 payment to the client.

Losses From Jimmy Jacobs?

Lars Soreide Highest Ethical Standard Award 2018

Lars Soreide Highest Ethical Standard Award 2018

Have you experienced losses by investing with Jimmy Jacobs, who now works for Leaders Group and TLC Advisors? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have incurred losses due to misconduct of securities brokers and brokerage firms.