The Financial Industry Regulatory Authority (“FINRA”) reports allegations of bad sales practices by Intervest International Equities Corp broker Jonathan “Jon” Eric Ellefson (CRD: 1625977, Harker Heights, Texas). Namely, these disputes concern three clients of his at Intervest, who Ellefson worked for since April 22, 1992. These disputes suggest that Ellefson recommended or sold unsuitable and misrepresented alternative investments. Here is a summary of the allegations against him:
Intervest Client Indicates Jon Ellefson Sold Improper Alternative Investments
Evidently, a client of Intervest International Equities Corp filed FINRA Arbitration #: 19-01543 on June 4, 2019. Mainly, the client, who supposedly invested through Jon Ellefson for 20 years, claimed that the broker sold “improper” investments. Allegedly, Ellefson made unsuitable recommendations or sales of equipment leasing products, mutual funds, and real estate securities. It appears that these risky and speculative investments were inappropriate and inconsistent with the client’s goals or risk tolerance. Because of this, the client seeks compensatory relief in this ongoing matter.
Client Receives Compensation Because Of Ellefson’s Allegedly Unsuitable Equipment Lease Investments
Apparently, Ellefson disclosed that on February 7, 2017, a second Intervest client brought FINRA Arbitration #: 17-00315. Allegedly, Ellefson sold ICON investments to this client. ICON Investments, founded in 1985, is a Massachusetts based alternative investment manager. It is the general partner of ICON ECI Funds 12 and 14 – 16, which focus on equipment leases and asset backed facilities. Ellefson supposedly sold one or more of these funds when they were not suitable because of the client’s goals or risk tolerance. Evidently, on February 12, 2018, Intervest opted to settle this matter by paying the client $125,000.
Jon Ellefson Allegedly Misrepresented Alternative Investments
A third Intervest client brought a formal dispute about Jon Ellefson in 2015. For the most part, the client took issue with Ellefson allegedly misrepresenting alternative investments. It appears that in 2015, Ellefson misled the client about how much her investments were worth. Ellefson allegedly caused the client to purchase and retain alternative investments through his misrepresentations. However, this client did not pursue the matter further after December 31, 2015.
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