Jason Reed Nelson of Tremonton Utah a stockbroker formerly registered with LPL Financial LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon Nelson’s consent to findings that Nelson hindered a FINRA investigation concerning Nelson’s alleged misrepresentation of LPL Financial LLC customers’ financial information relating to annuities sold to them through Nelson. Letter of Acceptance Waiver and Consent No. 2018057109501 (June 6, 2019).
According to the AWC, FINRA personnel were notified on January 10, 2018 that Nelson had been discharged by the firm for misrepresenting the financial information for customers who purchased annuities. Supposedly, the misrepresented information allowed purchases to be executed that may not have otherwise been approved.
Evidently, on May 23, 2019, a request had been made by FINRA for Nelson to provide recorded testimony which could have pertained to the accusations made by LPL Financial LLC. The AWC stated that a prompt response had been made by Nelson in regard to FINRA’s request, where Nelson stated that he would not testify. FINRA found Nelson’s refusal to provide recorded testimony to be violative of FINRA Rules 2010 and 8210. Consequently, Nelson was barred from the securities industry.
Nelson was employed by LPL Financial LLC between January 17, 2013 and January 19, 2018.
