Leslie Don Jackson (also known as Les Jackson), of Dallas, Texas, a stockbroker associated with Momentum Independent Network Inc., has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Jackson engaged in unapproved private securities transactions during the time that he was associated with Momentum Independent Network Inc. Letter of Acceptance, Waiver, and Consent No. 2022077350301 (September 19, 2023).
According to the AWC, Jackson was involved in the sale of promissory notes that were issued by entities claiming to finance construction companies. Jackson recommended the investments to five investors, including a family member and three firm customers, who collectively purchased promissory notes worth $1,475,000.00. The AWC indicated that Jackson himself purchased notes totaling $500,000.00.
His involvement in these transactions ranged from informing the investors about the promissory notes to helping them complete the necessary subscription documents and collecting the payments to forward to the issuing entities. Jackson received periodic payments from these entities, amounting to three percent of each investment annually. Furthermore, Jackson falsely answered compliance questionnaires about his involvement in private securities transactions.
FINRA found that Jackson violated FINRA Rules 2010 and 8210.
FINRA Public Disclosure shows that Jackson was also referenced in a customer initiated investment related FINRA securities arbitration claim in which the customer requested $675,000.00 in damages based upon allegations that Jackson made unsuitable recommendations and breached both contract and fiduciary duties in connection with the sale of promissory notes when Jackson was associated with Momentum Independent Network Inc. FINRA Arbitration No. 22-02889 (December 19, 2022).
Jackson was associated with Momentum Independent Network Inc. in Dallas, Texas from September 19, 1991, to January 6, 2023. On December 9, 2022, Momentum Independent Network Inc. discharged Leslie Don Jackson based upon allegations that Jackson violated the securities broker dealer’s policy.