Rice Alexander Jacobs, a registered representative with TD Ameritrade, Inc., was permanently barred by Financial Industry Regulatory Authority (FINRA) for failing to provide information and documentation in connection with an investigation into allegations that Jacobs converted a local organization’s funds. Letter of Acceptance, Waiver, and Consent No. 20150439952 (Mar. 11, 2015).
According to the AWC, on January 29, 2015, FINRA requested that Jacobs provide information and documentation in reference to an investigation into Jacob’s alleged conversion of $121,814.95 in funds from an organization’s bank account while Jacobs had assumed the role of treasurer for the local organization.
The AWC noted that Jacobs sent FINRA an e-mail on January 29, 2015, indicating that while he received FINRA’s requests for information, he would not be providing information and documentation at any point. FINRA found Jacob’s conduct in this regard to have violated FINRA Rules 8210 and 2010, leading to his permanent bar.
FINRA registered representatives like Jacobs who do not cooperate with FINRA’s investigations often face a permanent bar from practicing in the securities industry as such lack of cooperation violates FINRA’s Rule 8210 – requiring that no member or person shall fail to provide information or testimony or permit an inspection and copying of books, records, or accounts pursuant to the rule. FINRA typically accompanies a Rule 8210 violation with a Rule 2010 violation when individuals, according to FINRA, do not appear to observe high standards for commercial honor and just and equitable principles of trade.
Firms and individuals, not surprisingly, are prohibited from unauthorized use of customer funds, borrowing of a customer’s securities or funds, forgery, non-disclosures or misstatements of material facts, and various deceptions and manipulations. Such conduct can also be found to violate criminal and other civil laws, and be subject to sanction from the federal and state government bodies.
Public disclosure records via FINRA’s BrokerCheck reveal that Jacobs has been subject to five disclosure incidents. On May 25, 2007, Jacobs was subject to a bankruptcy discharge. On December 19, 2014, Jacobs became subject to pending criminal charges of felony theft. Public disclosure records reveal that TD Ameritrade, Inc., permitted Jacobs to resign on December 31, 2014, amid allegations Jacobs was charged with theft while serving as treasurer of a school district music booster club.
Guiliano Law Group
If you have been the victim of securities fraud and you have a complaint, you should consult with an attorney. The practice of Nicholas J. Guiliano, Esquire, and The Guiliano Law Group, P.C., is limited to the representation of investors in claims for fraud in connection with the sale of securities, the sale or recommendation of excessively risky or unsuitable securities, breach of fiduciary duty, and the failure to supervise. We accept representation on a contingent fee basis, meaning there is no cost unless we make a recovery for you, and there is never any charge for a consultation or an evaluation of your claim. For more information contact us at (877) SEC-ATTY.
