Jonathan Douglas Freeze of Canonsburg Philadelphia a stockbroker formerly associated with Fortune Financial Services Inc. has been referenced in a customer initiated investment related arbitration claim in which the customer requested $175,000.00 in damages supported by allegations of bad promissory notes transactions effected through Freeze during the time that he was registered with Fortune Financial. FINRA Arbitration No. 19-01612 (June 14, 2019).
FINRA Public Disclosure reveals that Freeze has been referenced in a dozen customer initiated investment related disputes concerning accusations of his improprieties when the stockbroker was associated with securities broker dealers including Fortune Financial.
Particularly, a customer filed an investment related arbitration claim in reference to Freeze’s conduct where the customer sought $118,500.00 in damages based upon accusations that when Freeze was associated with Fortune Financial, the stockbroker sold direct investments including Alternative Energy Holdings which resulted in losses to the customer. FINRA Arbitration No. 19-00607 (Feb. 27, 2019).
Another customer filed an investment related arbitration claim concerning Freeze’s activities where the customer sought $330,000.00 in damages founded on accusations that when Freeze was employed by Fortune Financial, Alternative Energy Holdings securities transactions had been solicited by the stockbroker and executed without Fortune Financial’s permission. FINRA Arbitration No. 19-00650 (Mar. 8, 2019). Freeze is additionally referenced in a customer initiated investment related arbitration claim where the customer sought $175,000.00 in damages founded on accusations of unauthorized promissory notes purchases being effected by Freeze when he was employed by Fortune Financial. FINRA Arbitration No. 19-01612 (June 14, 2019).
FINRA Public Disclosure reveals that Freeze has been fined $5,000.00 and suspended from associating with any FINRA member in any capacity based upon allegations that he entered into an undisclosed and unauthorized loan arrangement with a customer of LPL Financial LLC when the stockbroker was employed there. Letter of Acceptance Waiver and Consent No. 2013036251001 (Oct. 15, 2015).
Freeze was subsequently barred from associating with any FINRA member in any capacity founded on accusations that the stockbroker failed to provide information and documentation to FINRA personnel during the time that he was under investigation for making unsuitable recommendations to customers. Letter of Acceptance Waiver and Consent No. 2017052701401 (Aug. 14, 2017). According to the AWC, the stockbroker was being probed by FINRA as to whether he failed to comply with FINRA Rule 2111 by recommending excessive variable annuities to a customer or by neglecting to have an adequate basis to conclude that his investment recommendations had been suitable for customers of Fortune Financial. FINRA concluded that Freeze’s lack of cooperation in its investigation constituted the violation of FINRA Rules 2010 and 8210.
Freeze’s employment with Fortune Financial was terminated on April 17, 2017.
As of December 31, 2018, Fortune Financial reported to regulators that its total net capital was $649, 689.
