Jason Lane, Wells Fargo | Broker Investigation

Broker Jason Lane Suspended for Allegedly Selling Away

Are you concerned about investments you made with broker Jason Barrett Lane? The White Law Group is investigating potential claims involving Jason Lane and the liability his employer may have for failing to supervise him.

According to a Letter of Acceptance, Waiver and Consent on FINRA’s website Wednesday, the regulator has reportedly suspended Jason Lane from the securities industry for three months. FINRA has also fined Lane $5,000.

The sanctions were in regards to Lane’s alleged outside business activities involving three entities, Agriplas, Atlas Agriculture Systems Inc., and HydroNox Inc., according to FINRA.

FINRA alleges that over the course of more than four years, Lane allegedly failed to notify Wells Fargo about the full nature of his participation in three outside business activities—in particular, his purported efforts to solicit investments in those activities, which Wells Fargo explicitly prohibited. Two of Lane’s notices about those outside business activities were also reportedly untimely. By virtue of this conduct, Lane violated FINRA Rule 3270 and consequently FINRA Rule 2010.

According to his FINRA BrokerCheck report, Lane was registered with Wells Fargo Clearing Services in New York, NY from November 2011 through December 2017 when he was allegedly dismissed for “Failure to adhere to the firm’s instructions regarding outside business activities.” He has one other employment separation listed on his broker report in 2011 from former employer, Merrill Lynch.

For FINRA’s full findings see FINRA caseNO. 2017056005701. 

“Selling Away”

The White Law Group is investigating the liability that Lane’s former employer, Wells Fargo Clearing Services may have for his actions in regards to his outside business activities.

When a FINRA registered representative conducts business outside the scope of the brokerage firm where they are registered, the act can be considered “selling away.”

Some brokers, looking to supplement their income, will go outside the traditional market, trying to find other products to push.

If a registered broker “sells away” from their firm, the brokerage firm may still be liable for negligent supervision of their broker representative and may be responsible for investment losses in a FINRA dispute resolution claim.

If you have invested with Jason Lane and are concerned about your investments, the securities attorneys at The White Law Group may be able to help you. For a free consultation with a securities attorney, please call our offices at 888-637-5510.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.

For more information on The White Law Group, please visit our website at http://whitesecuritieslaw.com.

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