Jay R. Weiser – Despain Financial Corporation
According to the Financial Industry Regulatory Authority (FINRA) on January 17, Jay R. Weiser was barred from the securities industry for failure to provide testimony in an investigation.
According to the Letter of Acceptance, Waiver and Consent, in November 2018, FINRA initiated an investigation into Weiser’s conduct regarding the sale of Woodbridge Promissory Notes and interests in Future Income Payments, LLC, to determine whether Weiser engaged in unapproved private securities transactions.
On November 20, 2018, FINRA staff reportedly sent Weiser a request for documents and for on-the-record testimony related to its investigation, pursuant to FINRA Rule 8210. Weiser reportedly refused to give testimony and consequently has been barred from associating with any FINRA member at any time.
According to Weiser’s FINRA BrokerCheck report, Jay R. Weiser was a registered representative with Despain Financial Corporation in Collinsville, IL from June 2000 until he was discharged in June 2018 because “Clients allege Weiser sold Regulation D Products & Life Insurance to them that were not suitable to their situation.”
For FINRA’s full findings see FINRA case #2018038604101.
Failure to Supervise
The White Law Group is investigating potential claims involving Jay R. Weiser and the liability his former employers may have for failing to properly supervise him.
Under FINRA rules and regulations, Broker-Dealers are responsible for supervising the actions of those advisors registered with their firm, and therefore may be held liable for the actions of their Broker(s).
If you are concerned about your investments with Jay R. Weiser, the securities attorneys at The White Law Group may be able to help you.
For a free case evaluation or to discuss any other investment losses, please contact The White Law Group, at 888-637-5510, or visit us on the web at www.whitesecuritieslaw.com.
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 Franklin, Tennessee.
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