Jason Michael Belajack, of Irvine, California, a stockbroker formerly registered with Lincoln Financial Advisors Corporation, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity by consenting to findings that he sent bogus letters to a customer to conceal the fact that he misrepresented the features of the customer’s annuity. Letter of Acceptance, Waiver and Consent, No. 20160519441-01 (July 28, 2017).
According to the AWC, an annuity was sold to customer PM by Belajack in June of 2014, which was during the time that Belajack was associated with Accelerated Capital Group. The AWC stated that in May of 2016 – the time that Belajack was employed by Lincoln Financial Advisors Corporation – customer PM requested that Belajack provide PM an explanation about the terms and conditions of the annuity, concerned that it failed to contain a principal protection component.
Evidently, prior to the point in which PM expressed concerns about the annuity, Belajack was cognizant that he misrepresented information to PM. Specifically, the AWC stated that Belajack told PM about the annuity guaranteeing the customer seven percent annual interest with a principal protection feature. Those representations were reportedly untrue, but Belajack failed to inform PM in that regard. Instead, Belajack tried to conceal his misrepresentations by crafting a bogus letter using Lincoln’s letterhead, in which he claimed that Lincoln investigated the issuing insurance company for committing unfair and unscrupulous sales practices.
Belajack reportedly stated in a second letter that there were three hundred instances where the insurance company falsified information to its registered representatives. The AWC revealed that Belajack admitted that those letters to PM were made up to conceal his earlier misstatements to PM. Consequently, FINRA found Belajack’s conduct violative of FINRA Rules 2010.
Lincoln Financial Advisors fired Belajack on October 12, 2016, because of the ingenuine letters that he sent to PM. Belajack’s other employers, LPL Financial LLC and Pruco Securities, LLC, also terminated Belajack based upon his improper conduct.
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