Gavel on money

Jay R. Weiser of Collinsville Illinois a stockbroker formerly registered with DesPain Financial Corporation is the subject of a customer initiated investment related arbitration claim in which the customer requested $100,001.00 in damages supported by accusations that the customer’s retirement assets were mismanaged as it pertained to a promissory note transaction executed by Weiser during the period that he was associated with DesPain Financial Corporation. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-00458 (Feb. 7, 2020).

FINRA Public Disclosure reveals that Weiser has been identified in two additional customer initiated investment related disputes containing allegations of his misconduct while associated with DesPain Financial Corporation. On July 20, 2019, a customer initiated investment related arbitration claim regarding Weiser’s activities was settled for $112,500.00 in damages based upon accusations of unsuitable promissory note and insurance transactions for the customer’s retirement portfolio at DesPain.

Weiser is also referenced in a customer initiated investment related arbitration claim which was resolved for $27,500.00 in damages founded on allegations of Weiser mismanaging the customer’s assets during the time that he was associated with DesPain. FINRA Arbitration No. 18-03691 (Mar. 5, 2020). According to the claim, the customer was placed into a promissory note that caused the customer to experience losses.

Weiser has been barred from associating with any FINRA member in any capacity supported by findings that he did not follow instructions from FINRA while he was investigated for selling promissory notes and other interests while registered with DesPain. Letter of Acceptance Waiver and Consent No. 2018058604101 (Jan. 17, 2019).

According to the AWC, Weiser was investigated in November of 2018 for selling interests in Future Income Payments LLC and promissory notes in Woodbridge Group of Companies as these activities might have constituted private securities transactions initiated by him. On November 20, 2018, Weiser was told by FINRA to provide recorded testimony. He refused which was violative of FINRA Rules 2010 and 8210.

Weiser was discharged by DesPain on June 22, 2018 based upon accusations of him effecting unsuitable investment and insurance sales while he was registered with the securities broker dealer.