Brad Michael Jacobson of Linwood, New Jersey, a stockbroker registered with Wells Fargo Clearing Services LLC, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Jacobson failed to provide information and documents to FINRA during the time that it investigated possible violations of FINRA rules. Letter of Acceptance, Waiver, and Consent No. 2022074784201 (July 5, 2023).
In a Form U5 dated April 25, 2022, Wells Fargo stated that they discharged Jacobson for engaging in an unauthorized outside business activity and for attempting to get a debit card for personal use from a customer’s business account.
On May 24, 2023, as a part of FINRA’s investigation into Jacobson’s potential involvement in the unauthorized side business and potential misuse of a Wells Fargo customer’s money, the regulator asked Jacobson to provide certain documents and information by June 7, 2023, under the authority of FINRA Rule 8210.
The regulator warned Jacobson that not providing the required documents and information would be considered a violation of the same rule, risking penalties, including being banned from working as a stockbroker with a FINRA member.
Jacobson did not hand over the documents and information to FINRA. Based on his responses to FINRA staff in June of 2023, Jacobson confirmed he got FINRA’s request and would not comply at any time.
By not complying with the request to provide the documents and information, Jacobson violated FINRA Rules 8210 and 2010.
Public Disclosure shows that Jacobson was also referenced in a customer initiated investment related complaint that was settled on December 23, 2008, for $200,000.00 in damages resulting from losses on auction rate securities transactions when Jacobson was associated with UBS Financial Services Inc.
Jacobson was associated with Wells Fargo Clearing Services LLC as a stockbroker between November 16, 2011, and April 25, 2022.
