Jason Howell Poff of Houston Texas a stockbroker formerly registered with LPL Financial LLC has been fined $5,000.00 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon findings that Poff engaged in outside business activities that were neither disclosed to nor approved by LPL Financial. Department of Enforcement v. Jason Howell Poff Disciplinary Proceeding No. 2018058501502 (May 13, 2021).
According to the Order, between February 2016 and February of 2018, during the time that Poff was associated with LPL Financial, he took part in two outside business activities via his own company. The first of the business activities involved Ursus Consulting LLC which Poff planned to use for consulting purposes. That request was denied. Poff ignored LPL Financial’s position. Through Ursus Consulting, Poff was a loan officer. He expected to be compensated by a company that was controlled by two individuals that Securities and Exchange Commission (SEC) charged with fraud. Poff magically had no information as to why the individuals had been dragged, or were required to provide live testimony before the SEC.
From 2017 to 2018, Poff also used Ursus Consulting to do work for an individual who was trying to create a family investment office. There was no point in which Poff notified LPL Financial about assisting this individual. The securities broker dealer never authorized his activities. Poff violated FINRA Rules 2010 and 3270 for his Ursus Consulting work.
The regulator also noted that in completing two compliance questionnaires for LPL Financial in August of 2016 and September of 2017, Poff falsely confirmed that he disclosed all outside business activities and that there was no unauthorized outside business activity that he engaged in. Poff violated FINRA Rule 2010 through making those false attestations.
Poff has been identified in two customer initiated investment related disputes regarding allegations of his misconduct. FINRA Public Disclosure reveals that a customer initiated investment related complaint concerning Poff’s conduct was settled for $38,415.23 in damages supported by accusations of the stockbroker’s refusal to follow the customer’s instructions in regard to a variable life insurance policy purchased through Chase Investment Services Corporation.
On April 5, 2021, another customer filed an investment related complaint regarding Poff’s activities in which the customer requested more than $5,000.00 in damages founded on allegations that Poff effected the sale of an unsuitable real estate investment trust causing the customer to incur damages.
Poff’s registration with LPL Financial was terminated on May 8, 2018. He was registered with Allstate Financial Services LLC between June 15, 2018 and May 20, 2021.
