Steven Jay Jacobson of New Orleans Louisiana a former stockbroker of Ameriprise Financial Services and former investment adviser representative of Advisor Resource Council has been discharged by Advisor Resource Council on January 20, 2021 supported by allegations of Jacobson failed to comply with the firm’s “action plan” intended to address his sales practice violations with options and over-the-counter equities transactions.

Jacobson has been identified in two customer initiated investment related disputes concerning accusations of his wrongdoing while employed by Raymond James Associates and Morgan Keegan Company Inc. Financial Industry Regulatory Authority (FINRA) Public Disclosure shows that a customer filed an investment related complaint regarding Jacobson’s activities where the customer sought $100,00.00 in damages founded on allegations that Jacobson made misrepresentations regarding a customer’s Jefferson County auction rate securities purchases while he was associated with Morgan Keegan Company.  That claim was denied by his employer.

On February 22, 2021, a different customer initiated investment related FINRA securities arbitration claim concerning Jacobson’s conduct was settled for $200,000.00 in damages based upon accusations that Raymond James Associates failed to supervise Jacobson’s structured products and options transactions resulting in harm to the customer. FINRA Arbitration No. 19-03618 (Feb. 22, 2021). According to the claim, Jacobson was negligent and had breached his fiduciary duty to the customer concerning these investments. The claim alleges that misrepresentations and omissions were made by Jacobson. Allegations also include breach of contract and violation of Louisiana securities law.

Jacobson’s registration with Ameriprise Financial Services Inc. has been terminated as of October 10, 2019.

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