Jason Hunter Likens of Orlando Florida is a stockbroker formerly employed with Oppenheimer who has been has been fined ten thousand dollars and suspended for fifteen months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he entered into unapproved loan arrangements with customers of the firm. Letter of Acceptance Waiver and Consent No. 2016049871601 (July 14 2017).

According to the AWC, between 2014 and 2015, during the time that Likens was associated with Oppenheimer & Co. Inc., he borrowed funds from two of the firm’s customers even though his arrangements were disallowed by the firm. Particularly, between December of 2014 and October of 2015, Likens made arrangements to borrow $10,000.00 from an elderly customer, RE. Evidently, the loans were not paid back by Likens according to the agreed upon terms. The AWC also stated that in December of 2015, Likens borrowed $13,500.00 in funds from JB, but those monies were not repaid by Likens according to Likens’ and JB’s arrangement.

The AWC revealed that the aforementioned lending arrangements were never made known to Oppenheimer by Likens, and the loan arrangements were never authorized. Particularly, the firm’s supervisory procedures disallowed Likens from entering into lending arrangements with a customer unless the arrangement was covered within the firm’s limited exception criteria, and no exception applied in Likens’ case.

The AWC stated that Likens reportedly certified within financial advisor questionnaires that he had complied with the firm’s procedures and policies. In 2015 and 2016, Likens reportedly certified that he had not borrowed from the firm’s customers or lent money to them. FINRA found Likens’ unpermitted borrowing arrangements and false statements to his firm to be violative of FINRA Rule 2010.

FINRA Public Disclosure confirms that Likens has been referenced in three customer initiated investment related disputes pertaining to allegations of his wrongful conduct while employed with UBS Financial Services Inc. and Oppenheimer & Co. Inc. Apparently, on February 4, 2008, a customer filed an investment related written complaint involving Likens’ conduct, where the customer requested $8,587.00 in damages supported by accusations that Likens failed to follow the customer’s instructions of liquidating the customer’s managed account holdings.

On June 29, 2012, another customer filed an investment related written complaint regarding Likens’ activities, in which the customer sought $75,000.00 in damages based upon allegations that Likens executed transactions in the customer’s account that were neither suitable for the customer nor authorized. Thereafter, on October 6, 2016, a customer initiated investment related written complaint involving Likens’ conduct was settled for $6,901.00 in damages founded on accusations that between August 15, 2014 and August 3, 2016, Likens made misrepresentations to the customer concerning fees assessed on the customer’s managed account holdings.

Likens was fired by Oppenheimer & Co. on August 3, 2016, supported by allegations that he admitted to the firm that he borrowed funds from customers. Likens was later associated with International Assets Advisory, LLC, but was also fired on January 31, 2017 based upon accusations that he impeded a FINRA investigation into his activities.

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