Tag Archives: Unauthorized investment loss

Victims of Jay D. Jordan

We are currently investigating Jay D. Jordan, also known as Jay Dee Jordan and J.D. Jordan, of Oklahoma City and previously an advisor of WFG Investments has been found by regulators to have systemic fraud in the accounts of his investors (customers). These victims of Jordan should speak to a private attorney about their rights by calling 1-866-817-0201.  Initial consultations are free and all information is kept confidential.

Between June 1,2012 and March 31, 2016 FINRA, the regulator that oversees securities brokerages and financial advisors, has made the findings that Jordan engaged in a series of significant violations of FlNRA Rules that resulted in substantial customer harm.  These violations resulted from the following misconduct:

He recommended and engaged in unsuitable trading in nontraditional ETFs in 84 of his customers accounts. These trades, which were unsuitable from both a reasonable-basis and a customer-specific perspective, collectively resulted in customer losses exceeding $8 million.

He exercised discretion without having obtained prior written authorization in the accounts of at least six customers.

He mismarked 927 of his customers’ purchases of nontraditional ETFs as “unsolicited” when he had, in fact, solicited those transactions. He failed to report two customer complaints to his Firm, and then surreptitiously attempted to settle one of the claims away from the Firm through the improper use ofhis personal email account.

He failed to produce requested documents and information pursuant to a FiNRA Rule 8210 information request. As a result ofthe foregoing, Jordan violated NASD Rules 2310(a) (before July 9. 2012) and 2510(b),and FiNRA Rules 2010,21 ll (a) (on and after July 9,2012), 45 ll and 8210.

Additionally, over the course of his career, he has been the subject of at least 15 threatened or filed suits.  Such suits are generally handled through the FINRA arbitration process.