Christopher Stephen Jorgensen, of Setauket, New York, a stockbroker formerly registered with Summit Brokerage Services, Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he obstructed a FINRA investigation into allegations of his misconduct. Letter of Acceptance, Waiver and Consent, No. 2016049329101 (May. 26, 2017).
According to the AWC, Jorgensen was sent a request from FINRA on March 31, 2017, based on Rule 8210, wherein Jorgensen was called upon to provide recorded testimony in connection with FINRA’s investigation into his potential misconduct. The AWC stated that on April 19, 2017, Jorgensen’s counsel contacted FINRA staff and indicated that Jorgensen was in receipt of FINRA’s correspondence but declined to provide testimony. FINRA found that Jorgensen’s failure to cooperate in this regard was conduct violative of FINRA Rules 2010 and 8210.
What FINRA was investigation, FINRA keeps a secret.
FINRA Public Disclosure reveals that Jorgensen has been twice terminated for allegations of his misconduct. Particularly, Jorgensen was terminated from Summit Brokerage Services on April 4, 2017, based upon allegations that he contacted a customer and urged her not to provide information to FINRA staff in connection with a customer initiated investment related complaint involving Jorgensen’s activities. Jorgensen was also terminated from his previous employer, Raymond James Financial Services, Inc., on January 24, 2012, based upon similar allegations; Jorgensen was subject of a customer initiated investment related complaint.
FINRA Public Disclosure additionally reveals that on August 6, 2003, a customer initiated investment related written complaint involving Jorgensen’s conduct was settled for $37,000.00 in damages based upon allegations that he effected unsuitable over-the-counter equity transactions in the customer’s account. Moreover, on September 17, 2012, a customer initiated investment related written complaint regarding Jorgensen’s activities was resolved for $25,430.00 in damages based upon allegations that Jorgensen effected trades in the customer’s account on an excessive basis, generated excessive commissions on transactions, and was liable for the customer’s meager investment performance.
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