Jay R. Weiser of Collinsville Illinois a stockbroker formerly employed by DesPain Financial Corporation has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Weiser failed to cooperate with FINRA’s investigation into accusations of hm selling promissory notes and securities interests away from the firm. Letter of Acceptance Waiver and Consent No. 2018058604101 (Jan. 17, 2019).
FINRA Public Disclosure reveals that Weiser was discharged by DesPain Financial Corporation on June 22, 2018 based upon customers’ allegations that Weiser sold them life insurance and regulation D products that were in no way suitable for their objectives for investing or financial circumstances.
Following Weiser’s termination from DesPain Financial Corporation, FINRA launched an investigation into Weiser’s activities. Particularly, on November 2018, FINRA began reviewing Weiser’s sales of Future Income Payments, LLC interests and Woodbridge promissory notes. The AWC stated that to ascertain more information about Weiser’s activities, FINRA requested on November 20, 2018 that Weiser provide FINRA personnel with information and documentation as well as recorded testimony.
The AWC stated that Weiser’s counsel corresponded with FINRA on December 10, 2018, indicating that Weiser was cognizant of FINRA’s requests but would not be providing any recorded testimony or information and documentation to the regulator. He was none the Weiser. The AWC further revealed that Weiser’s refusal to participate in this respect obstructed FINRA’s ability to complete its examination into Weiser’s possible private securities transactions. Consequently, Weiser’s conduct was found by FINRA to be violative of FINRA Rules 2010 and 8210.
FINRA Public Disclosure additionally confirms that a customer filed an investment related arbitration claim regarding Weiser’s conduct in which the customer sought $498,047.00 in damages supported by accusations that while Weiser was associated with DesPain Financial Corporation, he negligently managed the customer’s individual retirement account particularly in regard to the promissory note and insurance products that Weiser sold the customer. FINRA Arbitration No. 18-01750 (May 18, 2018).
