Securities Arbitration

Jonathan David Cummings of Hurst Texas a stockbroker of Investacorp Inc. and investment adviser representative of Investacorp Advisory Services Inc. has been referenced in a customer initiated investment related arbitration claim where the customer requested unspecified damages supported by allegations that the customer had been placed into alternative investments including real estate investment trusts and business development companies that were in no way suitable for the customer. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-01807 (June 9, 2020).

Cummings’s sales practices have been brought into question by at least one additional customer of a securities broker dealer. FINRA Public Disclosure confirms that a customer initiated investment related complaint involving Cummings’s conduct was resolved for $158,962.92 in damages based upon accusations that the AXA Advisors customer had been falsely told that the variable annuity sold by Cummings contained a step-up feature in which the value of the annuity would increase by five percent each year if no withdrawals were effected from it.

On July 17, 2020, Cummings’s registrations with Investacorp and Investacorp Advisory Services were terminated. Since then, he has been registered as a stockbroker of Securities America Inc. and an investment adviser representative of Securities America Advisors Inc.