Raul Enrique Jacobs, of Orland Park, Illinois, a stockbroker formerly registered with Waddell & Reed, has been permanently barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity after failing to provide FINRA with information concerning his activities. Letter No. 2016050202901 (Feb. 14, 2017).
FINRA later sanctioned Jacobs for failing to communicate with FINRA concerning his compliance with a settlement or award in reference to a customer initiated investment related dispute. Letter No. 16-01636 (Mar. 28, 2017). Prior to this point, Jacob was barred from engaging in securities business by the Illinois Securities Department based upon allegations that Jacobs admitted that he stole a customer’s funds for his personal use. Case No. 150044 (Nov. 16, 2015).
FINRA Public Disclosure further reveals that on May 12, 2016, a customer filed an investment related written complaint involving Jacobs’s conduct, based upon allegations that Jacobs misappropriated the customer’s funds via his role as a signatory on the bank account of the customer.
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