Jason Howell Poff of Houston Texas a former stockbroker and investment adviser representative of LPL Financial LLC has been charged by Financial Industry Regulatory Authority (FINRA) Department of Enforcement with engaging in outside business activities that were not approved by the securities broker dealer. Department of Enforcement v. Jason Howell Poff Disciplinary Proceeding No. 2018058501502 (Dec. 23, 2020).

According to the Complaint, between February of 2016 and February of 2018, when Poff was associated with LPL, he took part in two unapproved outside business activities. Both of these activities allegedly transpired through a business which the stockbroker owned and controlled.

The Complaint indicates that in 2016, LPL was made aware of Ursus Consulting LLC which was a Texas-based company that Poff owned. The stockbroker was denied permission to take on consulting work on behalf of Urus. He purportedly failed to obey LPL’s prohibition and went on to do business as a loan officer on behalf of Ursus.

FINRA Department Of Enforcement indicated that one of the companies who Poff involved himself with through Ursus was controlled by two people who had been charged with fraud by Securities and Exchange Commission (SEC). LPL was supposedly never made aware of Poff’s activities through Ursus and his prohibition from engaging in consulting services was never lifted by the securities broker dealer.

The Complaint also alleges that between 2017 and 2018, Poff went through Ursus to assist someone create an investment-related business. Allegedly, there was no point in which the stockbroker made known to LPL that he was assisting someone with the establishment of that business.

Poff purportedly violated FINRA Rules 2010 and 3270 for unauthorized outside business activities.

FINRA Department of Enforcement also alleges that Poff had been administered annual compliance questionnaires in 2016 and 2017 from LPL. These questionnaires called upon Poff to disclose his outside business activities. The stockbroker denied having engaged in them during the period that he was handling work on behalf of Ursus. Poff purportedly violated FINRA Rule 2010 for these false attestations.

FINRA Public Disclosure also confirms that Poff is the subject of a customer initiated investment related written complaint which was resolved for $38,415.23 in damages based upon accusations of Poff failing to comply with instructions that were provided to him from a Chase Investment Services Corp customer relating to a variable universal life insurance policy.

Poff’s registration with LPL was terminated on May 8, 2018. He has been registered as a stockbroker of Allstate Financial Services since June 15, 2018 and registered as an investment adviser representative of Allstate Financial Advisors LLC since August 7, 2018.

Tags: , ,

Comments are closed.