Josiah Jennings and Columbia Capital Securities: Complaints & FINRA Selling Away Suspension
The Financial Industry Regulatory Authority reportedly suspended former Columbia Capital Securities broker Josiah D. Jennings (CRD# 6031164) for 10 months and fined him $10,000 over allegations that he participated in selling away, raising $8 million from investors through an unapproved private securities offering. Investors who purchased the promissory notes at issue may want to speak with a FINRA arbitration attorney about their options. The White Law Group is looking into potential Josiah Jennings complaints on behalf of investors who bought the Oak Quarry Management notes through him while he was registered with Columbia Capital Securities.
Who Is Josiah Jennings?
Jennings entered the securities industry in 2012 with Larson Financial Securities, LLC, and later worked as a registered representative with LPL Financial from January 2015 to June 2019. He joined Columbia Capital Securities, Inc. (CRD# 146838) in 2021, where he was dually registered as a broker and, separately, as an investment adviser representative of Vela Consulting, LLC, an Irvine, California-based RIA where he has served since 2019 and is listed as a manager. Jennings was permitted to resign from Columbia Capital Securities in September 2024 while the firm was investigating his alleged involvement in selling away.
According to his BrokerCheck record, Jennings also reportedly discloses outside business activity as chief executive of Oak Quarry Management, LLC, a company he describes as general partner of limited partnerships that invest in real estate and small businesses, including Oak Quarry Fund, L.P. and Oak Quarry OZ, L.P. It is this fund complex that FINRA reportedly says was the source of the promissory notes at the center of its investigation.
FINRA’s Selling Away Allegations Against Josiah Jennings
FINRA’s letter of Acceptance, Waiver and Consent, settled without Jennings admitting or denying the findings, allegedly found that from April 2024 through August 2024, while dually registered as a broker with Columbia Capital Securities, Jennings helped raise at least $8,000,000 from 18 investors through the sale of promissory notes issued by a private equity fund tied to Oak Quarry Management. Nearly all of the investors were reported to be existing customers of Columbia Capital Securities.
FINRA alleged that Jennings held an ownership interest in the fund’s general partner and served as its chief executive, and that Columbia Capital Securities had approved his role with the fund as an outside business activity only on the condition that he separately notify the firm before participating in any private securities transactions related to it. Jennings allegedly consulted with counsel, participated in drafting the offering documents, selected which investors the fund would solicit, took part in initial outreach meetings with those investors, and executed the promissory notes on behalf of the fund, all without the prior written notice to Columbia Capital Securities that FINRA Rule 3280 requires. FINRA’s investigation was reportedly triggered by a Form U5 that Columbia Capital Securities filed after Jennings’ resignation. Neither Jennings nor his co-respondent is alleged to have received any commission on the transactions.
FINRA found that the conduct allegedly violated Rule 3280, which prohibits private securities transactions without a member firm’s authorization, and Rule 2010, which requires associated persons to observe high standards of commercial honor and just and equitable principles of trade.
Josiah Jennings Complaints and Investor Recovery Options
Investors who purchased promissory notes connected to Oak Quarry Management through Jennings, particularly those who did so as customers of Columbia Capital Securities, may have grounds to pursue a claim. Under FINRA rules, a brokerage firm can be held responsible for a broker’s selling away activity if the firm knew or reasonably should have known about it and failed to supervise the broker accordingly. Investors with Josiah Jennings complaints related to Oak Quarry Management notes, or who are simply unsure whether their investment was properly disclosed and approved, may want to have their account reviewed by a securities attorney.
Frequently Asked Questions
How do I file a claim to recover money I invested through Josiah Jennings?
Investors who believe they lost money because of Jennings’ alleged selling away can pursue a claim to recover their losses. Most brokerage account agreements contain a pre-dispute arbitration clause, so claims like these are typically filed and resolved through FINRA arbitration rather than in court. FINRA arbitration functions much like a lawsuit in that investors can recover monetary damages, but the case is decided by a FINRA arbitration panel instead of a judge and jury. A securities attorney can review your account statements and the promissory note offering documents, file the claim on your behalf, and represent you through the arbitration process.
What is “selling away,” and why does it matter for my investment?
Selling away happens when a broker sells or solicits an investment that has not been approved by, or disclosed to, their brokerage firm, as FINRA Rule 3280 requires. It matters because investments sold this way bypass the firm’s due diligence, compliance review, and ongoing supervision, so investors lose the protections they would normally have when buying a product through their broker’s firm. That is what FINRA allegedly found happened with the Oak Quarry Management promissory notes at issue in Jennings’ case.
Can Columbia Capital Securities be held responsible for my losses, even though it didn’t approve the notes?
Potentially, yes. Brokerage firms have a duty under FINRA rules to reasonably supervise their registered representatives, including watching for red flags of undisclosed outside business activity or private securities transactions. If Columbia Capital Securities knew or reasonably should have known that Jennings was raising money from its customers for the Oak Quarry Management notes and failed to stop it, the firm itself may share liability for investor losses even though it did not directly sell the notes.
Contact The White Law Group
The White Law Group, national securities fraud attorneys with offices in Chicago and Seattle, represents investors nationwide in FINRA arbitration claims against brokers and brokerage firms. If you invested through Josiah Jennings and have concerns about how your money was handled, contact a FINRA arbitration attorney at The White Law Group for a free consultation by calling (888) 637-5510 or visiting our contact page.
