Jacob Harper: FINRA Suspends Ex-LPL, DA Davidson Advisor

Former Laguna Niguel, California financial advisor Jacob Harper (CRD# 4258319) was recently sanctioned and suspended in connection with alleged rule violations. Financial Industry Regulatory Authority records show that he was most recently registered with LPL Financial, having previously been registered with DA Davidson & Company and Wells Fargo Clearing Services.

A Letter of Acceptance, Waiver, and Consent (No. 2025085030301) describes FINRA’s disciplinary action against Mr. Smith. Signed in November 2025, it describes a range of alleged rule violations. Among other things, FINRA found that he borrowed money from his customers without seeking or obtaining the approval of his member firm at the time, DA Davidson & Company. In one case, he allegedly borrowed a sum of $20,000 from a friend and customer who was not a member of his immediately family or a lending-related financial institution. In another case, he allegedly borrowed $30,000 from another friend and customer who satisfied neither of those conditions, as firm rules required in order for customer loans to merit its approval. He allegedly contained the loans as part of an outside business activity, and he allegedly did not document them or enter into the arrangements with a “specified duration, repayment schedule, or interest rate.” He also allegedly did not notify the firm or seek its prior approval.

In addition to the above, FINRA alleged that Mr. Harper provided “false, misleading, and incomplete responses” to its requests for information regarding his potential loans from customers. Finally, FINRA found that he established securities accounts outside of his member firm without obtaining its prior written consent, in violation of industry rules. As a result of these findings, FINRA suspended him for 22 months and ordered him to pay a fine of $17,500.

According to the Financial Industry Regulatory Authority, Jacob Harper holds 20 years of securities industry experience. Most recently based in Laguna Niguel, California, he was last registered as a broker with LPL Financial from March until October 2025. His past registrations include DA Davidson & Company, Wells Fargo Clearing Services, Bancwest Investment Services, US Bancorp Investments, and Merrill Lynch. His credentials include the passage of three securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the Uniform Combined State Law Examination, or Series 66; and the General Securities Representative Examination, or Series 7. He is no longer registered as a broker. (Information current as of November 10, 2025.)

Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.