Jeffrey Daniel Basford of Westport, Connecticut, a stockbroker formerly registered with David Lerner Associates Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that Basford refused to cooperate with a FINRA investigation regarding the unsuitable recommendation and sale of securities. Letter of Acceptance, Waiver, and Consent No. 2019063686202 (August 15, 2022).
According to the AWC, FINRA began an investigation into Basford’s potential unsuitable sales of proprietary energy products to customers while he was associated with David Lerner Associates Inc. On June 21, 2022, FINRA sent a request to Basford for on-the-record testimony concerning the allegations. Through his attorney, on July 5, 2022, Basford indicated that he received FINRA’s request but that he would not appear for testimony at any time. For declining to appear, Basford violated FINRA Rules 2010 and 8210.
FINRA Public Disclosure shows that Basford is referenced in three customer initiated investment related disputes concerning Basford’s activities while associated with securities broker dealers, including David Lerner Associates Inc. Basford is referenced in a customer initiated investment related FINRA securities arbitration claim where the customer requested $200,000.00 in damages based upon accusations that Basford made misrepresentations, omissions and unsuitable transactions in connection with the recommendation and sale of private placements (Energy 11) and mutual funds when Basford was associated with David Lerner Associates Inc. FINRA Arbitration No. 21-01809 (September 22, 2021).
On May 19, 2022, another customer initiated investment related FINRA securities arbitration claim involving Basford’s conduct was settled for $205,000.00 in damages based upon allegations that Basford made unsuitable transactions, omissions, and misrepresentations with regard to the sale of private placements (Energy Resources 12 and Energy 11) during the time that Basford was associated with David Lerner Associates Inc. FINRA Arbitration No. 21-01532.
Basford was associated with David Lerner Associates Inc. from January 27, 2006, to May 13, 2022.
