Jason Likens, a former registered representative associated with Oppenheimer & Co., Inc. (Oppenheimer), submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he consented to, without admitting or denying, the findings that he borrowed money from his customers and did not begin to repay the loans until repeated requests were made.
Jason Hunter Likens, of Asheville, North Carolina, allegedly approached an elderly customer with significant health issues to borrow $5,000 on two separate occasions in a month’s time. The customer provided the loans to Mr. Likens in both instances. Mr. Likens failed to repay the loans on schedule and did not do so until the customer and his family made repeated requests. FINRA found further that Mr. Likens approached another customer to borrow $13,500 and that customer, too, provided the loan. Once again, FINRA found that Mr. Likens failed to repay the loan until the customer made repeated requests.
According to FINRA, Mr. Likens failed to disclose the loans to his member firm. Further, he made false attestations on compliance questionnaires that he had not borrowed money from any customer. Due to the afore-mentioned misconduct, Jason Likens was suspended from association with any FINRA member for 15 months and assessed a deferred fine of $10,000. The suspension is in effect from July 17, 2017 through October 16, 2018.
Stockbrokers and other financial industry professionals have been known to engage in different types of misconduct which violate industry and firm rules, practices, and procedures. In order to protect customers from stockbroker misconduct, FINRA rules require broker dealers to establish and implement a supervisory system. The implementation of these rules require supervisors to monitor employees to ensure they comply with federal and state securities laws, securities industry rules and regulations, and the brokerage firm’s own policies and procedures. If broker dealers and/or their supervisors do not establish and implement these protective measures, they may be liable to investors for damages flowing from the misconduct. As a result, investors who have suffered losses because of their stockbroker’s prohibited conduct can file a claim to recover damages against broker dealers, like Oppenheimer, which should consistently oversee its employees in order to prevent stockbroker misconduct.
Have you suffered losses in your Oppenheimer investment account due to your stockbroker’s prohibited conduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against Oppenheimer stockbrokers for unauthorized stockbroker misconduct.
The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 35 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities, and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please post a comment, call (800) 732-2889, send Mr. Pearce an email at email@example.com, and/or visit our website at www.secatty.com for answers to any of your questions about this blog post and/or any related matter.