Jason Eric Mininger, of Rocklin, California, a stockbroker formerly registered with Kovack Securities Inc., has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that he failed to notify FINRA staff about whether or not he complied with a customer initiated investment related settlement or arbitration claim regarding allegations of his misconduct. Letter No. 14-01692 (Aug. 18, 2015).
FINRA Public Disclosure reveals that Mininger has been identified in eight customer initiated investment related disputes pertaining to allegations of his misconduct while he was employed with Morgan Stanley & Co., Incorporated, and Wedbush Securities. Specifically, on November 30, 2007, a customer filed an investment related written complaint involving Mininger’s conduct, in which the customer requested $11,000.00 in damages based upon allegations that Mininger effected unsuitable transactions in the customer’s account.
Subsequently, on December 28, 2007, a customer filed an investment related written complaint regarding Mininger’s activities, wherein the customer requested more than $5,000.00 in damages based upon allegations that Mininger effected unauthorized corporate debt trades in the customer’s account. On January 31, 2008, another customer filed an investment related written complaint involving Mininger’s conduct, in which the customer requested $11,000.00 in damages based upon allegations of unauthorized trades having been placed by Mininger involving exchange traded funds. The customer alleged that Mininger generated excessive commissions as a result.
Moreover, on May 7, 2009, a customer initiated investment related written complaint regarding Mininger’s activities was resolved for $11,354.38 in damages based upon allegations that he made misrepresentations to the customer concerning the interest rate on debt investments, and did not properly execute the customer’s investment instructions. On January 7, 2010, another customer initiated investment related written complaint involving Mininger’s conduct was settled for $190,000.00 in damages based upon allegations that Mininger churned the customer’s portfolio of fixed income investments.
Additionally, on October 18, 2010, a customer initiated investment related written complaint regarding Mininger’s activities was resolved for $251,500.00 in damages based upon allegations that he effected faulty stock, corporate and government debt transactions in the customer’s investment account. On July 7, 2013, another customer filed an investment related written complaint involving Mininger’s conduct, where the customer requested $47,006.13 in damages based upon allegations that Mininger effected withdrawals from the customer’s account without the customer’s consent.
Mininger’s registration with Kovack Securities Inc. was terminated on December 31, 2014.
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