Qi Yang (CRD 7439718) is a San Francisco, California broker. FINRA suspended him from association with any member firm in all capacities for six months and assessed a deferred fine of $5,000, according to an AWC issued August 10, 2026.
Thomas Jacobs (CRD 4139430) is a Bay City, Michigan broker. FINRA suspended him from association with any member firm in all capacities for two months and assessed a deferred fine of $2,500, according to an AWC issued August 3, 2026.
Jacobs consented to the sanctions without admitting or denying the findings.
The findings state that Jacobs engaged in an outside business activity without providing prior written notice to his member firm. According to the AWC, Thomas Jacobs operated a dealer and distributor of certain boating products with a long time friend who was also a firm customer.
The customer invested in the business, which Jacobs operated as a limited liability company, and Jacobs shared authority over the company's bank account and communicated on behalf of the business, the findings state. Jacobs had a reasonable expectation of future compensation because he was entitled to a share of the business's net profits, according to FINRA.
FINRA also found that Thomas Jacobs inaccurately attested in at least one compliance questionnaire that he was not involved in any undisclosed outside business activity, the AWC states.
The suspension is in effect from August 3, 2026, through October 2, 2026, according to FINRA's case records. The matter's case number is 2024084432001.
FINRA requires registered representatives to give their firm written notice before engaging in a business activity outside their employment, particularly one that involves compensation or a business relationship with a firm customer, the kind of arrangement Thomas Jacobs had. The requirement lets the firm assess potential conflicts of interest and decide whether to supervise or restrict the activity.
A customer who invests alongside a representative in an outside venture, as Jacobs' customer did here, may not have the same account protections and oversight that apply to investments made through the firm itself, since the venture sits outside the firm's own books and supervisory system.
FINRA member firms must supervise the activities of their brokers. If you have questions about an account that Thomas Jacobs handled, call Soreide Law Group at (888) 760-6552. You can also reach us online to speak with a securities attorney. Our securities lawyers handle FINRA arbitration claims on a contingency fee basis. Learn how FINRA arbitration works.
This post summarizes public FINRA records, including BrokerCheck, as of October 14, 2026. In a FINRA Letter of Acceptance, Waiver and Consent, the respondent settles without admitting or denying the findings. FINRA may also update or correct these records after that date.
Qi Yang (CRD 7439718) is a San Francisco, California broker. FINRA suspended him from association with any member firm in all capacities for six months and assessed a deferred fine of $5,000, according to an AWC issued August 10, 2026.
Thomas Jacobs (CRD 4139430) is a Bay City, Michigan broker. FINRA suspended him from association with any member firm in all capacities for two months and assessed a deferred fine of $2,500, according to an AWC issued August 3, 2026.
Mark Sullivan (CRD 2531982) is a Bethlehem, Pennsylvania broker. FINRA suspended him from association with any member firm in all capacities for three months and assessed a deferred fine of $10,000, according to an AWC issued August 6, 2026.
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