Articles Tagged with Under Investigation by FINRA

The former broker reportedly never disclosed a real estate venture that was worth $1 million

James Randall Clay was notified by the Financial Industry Regulatory Authority (FINRA) in October of last year that he was the respondent in a complaint. The allegations against him involve an elderly client, a large real estate deal, and a possible misappropriation of funds.

The events that led to the complaint began when Clay allegedly decided to buy 49 rental properties for $1 million from a client of his firm, who at the time was 86 years old. The client reportedly also agreed to finance Clay’s purchase and give him a loan for $500,000 to make repairs and upgrades to the properties.