Jason Figueroa – Financial Advisor/Broker Jason Figueroa Barred from Securities Industry

Jason Figueroa – Financial Advisor/Broker Jason Figueroa Barred from Securities Industry | Goodman & Nekvasil P.A., May Recover Investor Losses

Jason Figueroa CRD #5062799

Jason Figueroa was a formerly licensed financial advisor/broker with The GMS Group, LLC. According to FINRA, Jason Figueroa was barred from the securities industry in October 2015.

According to FINRA: Jason Figueroa consented to the sanction and to the entry of findings that he recommended and engaged in unsuitable trading in nontraditional exchange traded funds in four customer accounts. Figueroa revised the investment strategy that he was recommending for the four customer accounts, each of which was owned by unsophisticated and retired investors with limited investment experience and a moderate risk tolerance. Previously, these customers had been primarily invested in corporate bonds and mutual funds. A major component of the revised strategy, however, was leveraged and inverse-leveraged exchange traded funds, as well as related exchange-traded notes. Moreover, Jason Figueroa employed the use of leverage in each of the four accounts, which further exacerbated the amount of risk of his revised strategy. Jason Figueroa recommended these nontraditional exchange traded funds transactions without first conducting adequate due diligence concerning the unique features and specific risks of these products. Specifically, Jason Figueroa failed to account for the compounding of risk associated with holding nontraditional exchange traded funds overnight, and the fact that they are designed to achieve their stated objectives within a single trading day. Indeed, Figueroa held nontraditional exchange traded funds in the four customers’ accounts for more than one trading day on 118 occasions. Figueroa also failed to conduct an adequate customer-specific suitability analysis with respect to the purchase and sale of nontraditional exchange traded funds on behalf of these four customers, which included retired and unsophisticated elderly investors. The findings stated that Jason Figueroa used discretion to execute trades in 14 customers’ accounts, including three of the four accounts referenced above, without first obtaining written authorization by the customers and written acceptance of this arrangement by his member firm. Particularly, during Figueroa’s association with his firm, Figueroa was not approved to exercise discretion in any customer accounts. Moreover, Figueroa did not disclose his use of discretion on his annual compliance questionnaires for seven years, but instead answered negatively to the question, “do you handle any customer accounts on a discretionary basis?”

According to Jason Figueroa’s CRD, a customer dispute was filed alleging sales practice violations against Jason Figueroa.

Customer Dispute 8/13/18: Client alleges misrepresentation, breach of fiduciary duty, unsuitable recommendations, and negligence from inception of accounts. This customer dispute is pending and seeks $1,000,000 in damages.

Goodman & Nekvasil P.A. May Recover Investor Losses

If you lost money on investments with Jason Figueroa and believe the investments may have been unsuitable or otherwise improper for you, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action concerning Jason Figueroa’s conduct. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.

Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. Goodman & Nekvasil, P.A. has recovered more than $180 million on behalf of victimized investors. If you lost money on investments with Jason Figueroa and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us. 

Jason Figueroa, Investment Fraud Attorney, Stockbroker Misconduct Disciplinary Actions, Unsuitable Investment Advice, Investment Fraud, Churning, Misrepresentation and Omission of Material Facts, Elder Fraud, Unauthorized Trading, Theft, Selling Away, Unapproved Outside Business, Nationwide, PIABA, SEC, Securities Exchange Commission, NASD, National Association of Securities Dealers, NASDAQ, Dow Jones, Wall Street, New York Stock Exchange, Jason Figueroa

Contact Us Today!

1 Step 1
FormCraft - WordPress form builder