Colton Wade Jacob, a former stockbroker based in Austin, Texas, was subject to a regulatory action by Financial Industry Regulatory Authority (FINRA) on October 21, 2024, for engaging in outside business activities without providing written notice to his member firms, Raymond James Financial Services Inc. and Steward Partners Investment Solutions LLC. This conduct violated FINRA Rules 3270 and 2010. Letter of Acceptance, Waiver, and Consent (AWC) No. 2023077754402.
From February 2022 to December 2022, Jacob assisted two related companies with fundraising and strategic planning. During this period, he contacted multiple individuals, including at least one customer of Steward Partners, to discuss the companies’ operations. Jacob used an email address provided by the companies’ founder, which identified him as an executive, as well as his personal email account. He anticipated receiving compensation, negotiated an equity stake in one company, and agreed to be included in payroll software.
On October 21, 2024, Jacob agreed to a 45-day suspension and a $5,000 fine through a Letter of Acceptance, Waiver, and Consent (AWC) with FINRA. The suspension is effective from October 21, 2024, to December 4, 2024.
Jacob’s employment with Steward Partners Investment Solutions LLC ended on December 28, 2022, when the securities broker dealer discharged him for violating policies regarding outside business activities. He was employed with Steward Partners from May 27, 2022, to January 27, 2023, and was previously registered with Raymond James Financial Services Inc. from October 1, 2020, to May 27, 2022.
