Jason Wellington Jodway, of Waterford, Michigan, a stockbroker registered with Allstate Financial Services LLC was the subject of a civil action brought by Michigan Corporations, Securities, and Commercial Licensing Bureau. According to a Default Judgment, Jodway violated state securities laws by engaging in securities business without registration and making omissions of material fact. Case No. 22-0447CZ (December 7, 2022).
Specifically, Jodway violated Michigan Uniform Securities Act, MCL 451.2101 by acting as an unregistered agent in the sale of securities to Michigan investors; acting as an unregistered investment adviser and investment adviser representative; and failing to include important information necessary to prevent statements regarding the offer and sale of securities from being misleading. Therefore, Jodway is enjoined from engaging in any conduct that violates the Michigan Uniform Securities Act, MCL 451.2101.
Also, on July 1, 2020, Jodway was fined $10,000.00 by Michigan Securities Division because Jodway engaged in securities business without registration. Consent Order Nos. 341635 and 341897. Jodway sold securities to Michigan investors without proper registration or the necessary exemption, which violated 402(1) of Michigan Securities Act, MCL 451.2402(1).
Financial Industry Regulatory Authority (FINRA) Public Disclosure shows that Jodway is referenced in three customer initiated investment related disputes concerning Jodway’s conduct while associated with securities broker dealers. On February 4, 2015, a customer initiated investment related complaint involving Jodway’s conduct was settled for $11,396.00 in damages based upon allegations that Jodway made omissions of material fact concerning surrender charges on variable annuities during the time that Jodway was associated with Valic Financial Advisors Inc.
On February 13, 2021, a customer filed an investment related civil action involving Jodway’s conduct in which the customer requested $348,000.00 in damages based upon allegations that Jodway committed fraud in connection with the sale of real estate securities. Civil Action No. 8:21-cv-00361.
Jodway is also referenced in a customer initiated investment related civil action in which the customer requested $100,000.00 in damages based upon allegations that Jodway failed to perform due diligence, breached his fiduciary duties, and was negligent in connection with the recommendation and sale of oil and gas investments during the period that Jodway was associated with FSA Advisors. Civil Action No. 2022-192741-NZ (February 24, 2022).
Jodway was associated with Allstate Financial Services LLC in Waterford, Michigan, as a stockbroker from November 8, 2019, to December 13, 2019.
