Jason Kimber, of Logan, Utah, a stockbroker associated with J.W. Cole Financial Inc., was the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim in which the customer requested $15,000,000.00 in damages. The allegations center around Kimber’s involvement in alleged fraudulent activities that were conducted away from J.W. Cole Financial Inc. by a now-deceased individual. FINRA Arbitration No. 23-01255 (May 9, 2023).
The now deceased former partner is Stephen Romney Swensen. Swenson was terminated by J.W. Cole Financial on June 6, 2022.
Coincidentally, Swensen also deceased on June 6, 2022.
Oct. 18, 2022, Swensen was chareged by the United States Securities and Exchange Commission for operating a fraudulent investment offering from 2011 until 2022 that raised over $29 million from more than 50 investors. Securities and Exchange Commission v. The Estate of Stephen Romney Swensen, No. 1:22-cv-00135-DBP (D. Utah filed Oct. 14, 2022).
According to the SEC Complaint, “[s]ince at least July 2011 until his death on June 6, 2022, Swensen made false statements to investors to induce them to invest in Crew Capital Group, LLC (“Crew Capital”). Among other things, Swensen told investors that Crew Capital was a safe investment fund paying a guaranteed minimum of 5% annually, and up to 10% annually depending on the performance of the S&P 500 index; that Crew Capital invested in various securities, including in bank loans and options on the S&P 500 index; and that Crew Capital was one of the safest places to invest their money.”
The existence of the SEC Matter was never reported on Stephen Swensen’s regulatory records by J.W. Cole Financial.
After all, he was deceased.
However, FINRA Public Disclosure shows that Jason Kimber has been implicated in multiple customer disputes concerning his conduct while associated with securities broker dealers. On November 1, 2022, a customer filed an investment related FINRA securities arbitration claim against Kimber. The customer sought $10,500,000.00 in damages based on allegations that Kimber did not identify fraudulent activities conducted by his former partner while Kimber was associated with Allegis Investment Services LLC between July 2014 and May 2018. FINRA Arbitration No. 22-02247.
A civil action lodged against Jason Kimber involves his association with multiple broker dealers, including Summit Brokerage Services Inc., Allegis Investment Services LLC, and J.W. Cole Financial Inc. The customer filed the case in Utah on December 20, 2022, requesting $3,000,000.00 in damages. The customer alleged that between July 2014 and June 2022, Kimber indirectly benefited from fraudulent operations conducted by his former partner.
Kimber was also referenced in a customer initiated investment related FINRA securities arbitration claim in which the customer requested $850,000.00 in damages based upon allegedly fraudulent activities that occurred during the time that Kimber was associated with J.W. Cole Financial Inc. FINRA Arbitration No. 23-00931 (April 13, 2023).
Jason Kimber has been associated with J.W. Cole Financial Inc. in Logan, Utah since May 8, 2018. Additionally, he has been associated with J.W. Cole Advisors Inc., also located in Logan, Utah, since November 24, 2020. He was registered with Allegis Investment Services LLC in Clearfield, Utah from July 1, 2014, to May 8, 2018.