Former Oklahoma-based Broker Jay Jordan Under Investigation Following a Customer Compliant Alleging Unsuitable Investment Recommendations and Misrepresentation

Jay D. Jordan

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Silver Law Group is investigating Oklahoma City, Oklahoma-based WFG broker Jay D Jordan, after customer allegations of misrepresentation and unsuitable recommendations where received by FINRA and he was subsequently permanently barred from the industry.

According to FINRA’s BrokerCheck report on Jordan, during his time at WFG investments, a total of 10 customer complaints were filed against him. These complaints included allegations of unsuitable investments, unauthorized trading, and failure to supervise. The complaints received by FINRA covered a time span of 2011 to 2016. The total damages alleged in these complaints come to a grand total of 10 million dollars. All complaints are currently pending FINRA arbitration.

In relation to these complaints, WFG Investments terminated Jordan in March of 2016. Jordan is not currently registered with any FINRA affiliated brokerage firm.

Among other investment tenets, brokers are required to recommend suitable investments to their clients. This requires that the broker: Investigates and conducts due diligence into the investment’s attributes including its benefits, risks, tax consequences, and other relevant factors to form a reasonable basis for the recommendation of the product; and appropriately matches the investment with the customer’s specific investment needs and objectives, such as the customer’s retirement status, long or short-term goals, age, disability, income needs, or any other relevant factors.

The misrepresentation or omission of material facts concerning investment recommendations by a brokerage firm and its representatives may be a cause of action in a FINRA arbitration claim for damages. There are two types of misrepresentations and omissions; those that are fraudulent and those that are negligent.

Misrepresentations often occur during the offering process or prior to investing in a particular product.  Misrepresentation can vary in appearance and, if made intentionally, are often times made in order to induce an unwitting investor to invest.  An example of a misrepresentation can include promises of high dividends or that the company of the underlying investment will go public in a year.

If proven, an intentional misrepresentation can have serious consequences, as it is a violation of Rule 10b-5 of the Securities Exchange Act of 1934.

 

FINRA arbitration is a fast, efficient way to recover your lost investment funds due to unauthorized trading.  The Silver Law Group works on a contingency fee basis, meaning you pay us nothing unless we recover money for you.

If you invested with Jay D. Jordan and WFG Investments and have lost money doing so, you may be able to recover some or all of your losses. We are experienced in recovering investor losses due to broker/brokerage firm misconduct and mismanagement through FINRA arbitration.

Silver Law Group represents the interests of investors who have been the victims of investment fraud.  If you have questions about your legal rights, please contact Scott Silver of the Silver Law Group for a free consultation at ssilver@silverlaw.com or toll-free at (800) 975-4345.