Jay Dee Jordan, of Oklahoma City, Oklahoma, a stockbroker formerly registered with WFG Investments, Inc., has been named in a customer initiated investment related written complaint on December 28, 2016, in which the customer requested $88,000.00 in damages based upon allegations that Jordan effected unsuitable stock transactions in the customer’s account.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Jordan has been named in ten additional customer initiated investment related disputes containing allegations of Jordan’s misconduct while employed with WFG Investments, Inc., Painewebber, Inc., and Dain Rauscher Inc. In particular, on March 3, 2003, a customer initiated investment related arbitration claim involving Jordan’s conduct was settled for $500,000.00 in damages based upon allegations that Jordan effected unauthorized trades in the customer’s account, and made unsuitable investment recommendations to the customer regarding over-the-counter equities.
Subsequently, on March 6, 2004, a customer initiated investment related arbitration claim regarding Jordan’s activities was resolved for $160,000.00 in damages based upon allegations that Jordan effected unauthorized and unsuitable over-the-counter equity transactions in the customer’s investment account. On July 31, 2015, another customer filed an investment related arbitration claim involving Jordan’s conduct, in which the customer requested $164,644.83 in damages based upon allegations that he placed stock trades in the customer’s account without the customer’s consent.
Further, on April 1, 2016, a customer filed an investment related arbitration claim regarding Jordan’s activities in which the customer requested $90,000.00 in damages based upon allegations that Jordan failed to follow the customer’s investment instructions, and did not implement and supervise an investment strategy involving over-the-counter equity transactions. Moreover, on July 13, 2016, a customer filed an investment related written complaint involving Jordan’s conduct, in which the customer requested $42,000.00 in damages based upon allegations that he effected stock purchases in the customer’s account which were neither authorized nor suitable.
On October 18, 2016, another customer filed an investment related written complaint regarding Jordan’s activities, in which the customer requested $3,800,000.00 in damages based upon allegations that Jordan made unsuitable investment recommendations to the customer regarding equities and real estate securities. The customer further alleged that WFG Investments, Inc. failed to supervise Jordan’s activities with respect to Jordan’s solicitation of a real estate investment sold outside the auspices of the firm. From November 23, 2016, to December 19, 2016, two additional customer initiated investment related disputes pertaining to Jordan’s conduct were filed, based upon allegations including unsuitable recommendations, supervisory failures, and omissions of facts pertaining to equity transactions.
On March 31, 2016, Jordan was terminated by WFG Investments, Inc. based upon allegations that Jordan violated his firm’s policies due to his failure to appropriately report his outside business activities, failure to apprise the firm concerning a customer’s complaint that alleged his misconduct, and attempt to settle a customer’s complaint away from his firm.
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