Jason Poff – Financial Advisor/Broker Suspended from Securities Industry | Goodman & Nekvasil P.A., May Recover Investor Losses
Jason Poff a/k/a Jason Howell Poff is a previously licensed financial advisor with Allstate Financial Services LLC and LPL Financial LLC.
According to FINRA, Jason Poff was fined $5,000 and suspended from the securities industry for three months in June 2021.
According to FINRA Allegations:
Poff was named a respondent in a FINRA complaint alleging he engaged in undisclosed and unapproved OBAs through a business that he owned and operated. The complaint alleges that Poff, through a company he solely owned, engaged in business activities for two outside entities. Poff never provided the firm with written notice of his or his company’s business activities for the entities and did not receive approval to engage in any business activities for the entities. Poff’s contacts at the entities told him that they wanted his help with their lending program. Specifically, they wanted Poff to communicate with potential borrowers and gather their data and information for loan documents. Poff began to gather potential borrowers’ information through his company for the entities in preparation for obtaining loans. Poff, holding himself out as president of his company, drafted consulting contracts for potential borrowers, at least eight of which were executed by the potential borrowers. Pursuant to the consulting contracts, Poff’s company was to facilitate cashier’s check processing and transfer of received funds to the accounts as directed by the potential borrower. Certain of these potential borrowers also signed powers of attorney granting Poff’s company authority to process a cashier’s check that the entities would issue, and then direct funds received from the entities to the potential borrower’s account. Along with the consulting contracts and powers of attorney for potential borrowers, Poff’s company retained in its files copies of documents described as cashier’s checks that the entities issued to those potential borrowers for amounts ranging from $150,000 to $1 billion.
Poff marketed the entities’ product to at least one firm customer. Poff pitched an entity loan to his firm’s customer, who was a senior citizen at that time. The customer signed a consulting contract and limited powers of attorney relating to the loan program. Poff expected to receive compensation for his work, through his company, for the entities. In fact, Poff hoped to be paid enough from his business with the entities to leave the firm completely. Poff also engaged in business activity for another entity outside the scope of his employment with the firm. Poff never provided the firm with written notice of his or his company’s business activities with this entity and did not receive approval for this business activity. The entity’s owner, who was setting up a family investment office, was interested in buying and selling fixed income products. Poff opened an account for the entity at the firm, but was told that the firm did not deal in the debt securities the entity’s owner wished to trade. Poff signed and had notarized an independent contractor/consultant agreement with the entity. The contract stated that Poff, through his company, would be paid $50,000 per month to provide to the entity professional services in the area of senior vice president as directed, needed and required. Poff assisted the entity and its owner in several bond transactions. For example, Poff wrote to a potential counterparty regarding the entity’s interest in depositing a real estate mortgage investment conduit with the potential counterparty’s institution in order to obtain a $50 million line of credit. Poff also communicated with the entity’s owner and a potential counterparty about the entity’s interest in selling a 1.5 billion medium-term note. Additionally, Poff wrote a letter on behalf of the entity to a potential counterparty regarding the transfer of a restricted debt security issued by an energy company in Alaska to the entity.
The complaint also alleges that Poff falsely attested to the firm on annual firm compliance questionnaires that he had disclosed all OBAs to the firm and that he was not engaging in any activity for OBAs that were not approved.
Goodman & Nekvasil, P.A. May Recover Investor Losses:
If you lost money on investments with Jason Poff 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 Poff’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 $200 million on behalf of victimized investors. If you lost money on investments with Jason Poff 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.
Some of the information in this blog post was obtained on 10/6/2021 directly from FINRA BrokerCheck, without any changes. If you believe this information was reported incorrectly, please contact our firm at 1-800-500-4442.