Jason Lane: Former Wells Fargo Advisor Suspended

A disciplinary action taken by the Financial Industry Regulatory Authority against former New York broker and investment advisor Jason Lane (CRD# 4967267) suspended him over allegations he participated in undisclosed outside business activities. A former representative of Wells Fargo Clearing Services, Lane was fined $10,000 and suspended from acting as a broker for three months as a result of these findings.

According to a Letter of Acceptance, Waiver, and Consent (No. 2017056005701) dated April 2019, Jason Lane initiated his participation in an outside business activity in November 2012. The activity in question was Agriplas LLC, “a company that he helped to found.” According to FINRRA, at that time he notified his member firm, Wells Fargo Clearing Services, that he was participating in the activity, describing his role as advising “business management on how to best design and sell crop yield enhancement devices utilizing plasma.” He received the firm’s permission to be involved in the company under the condition that he did not solicit investments in it. In spite of this condition, according to FINRA, Jason Lane “arranged and participated in meetings with potential investors in Agriplas” on a minimum of five instances between June and December 2013, but declined to notify his firm about these activities.

FINRA’s findings go on to state that Jason Lane began participating in another outside business activity in December 2013. This one was a company named Atlas Agriculture Systems, of which he was founder and chief executive officer. According to FINRA, he told his firm in January 2014 that it was a new version of Agriplas, but he did not fully disclose the nature of his involvement in the company. FINRA states that he “attempted to raise capital” for the company in February 2014 without informing Wells Fargo, and several months later told the firm he was Atlas’s chief executive officer. According to FINRA’s findings, Wells Fargo again allowed his participation on the same condition, that he not solicited investments in the company. Still, FINRA states, he later attempted to raise a sum of $4 million in funds for the company “without notifying” his firm.

FINRA’s complaint describes Lane’s participation in a third outside business activity, another company he founded and ran as CEO, HydroNOx. According to the regulator, he informed Wells Fargo about the company six months after its founding, disclosing his role as CEO. FINRA states that the firm denied his participation in the company, after which Lane kept working for it “for at least five more months,” with his activities including the preparation of investor presentations and “crafting a proposal for raising capital.” When his firm became aware of his undisclosed involvement in the company later in 2017, it “terminated its association with him.” FINRA’s findings state that these activities constituted violations of FINRA Rules 3270 and 2010. As a result of the foregoing alleged conduct, Jason Lane was suspended from associating with any FINRA member in any capacity for three months, and was ordered to pay a fine of $5,000.

Jason Lane is not currently registered as a broker or investment advisor. His employment history includes Wells Fargo Clearing Services, Merrill Lynch, Morgan Stanley & Company, and Morgan Stanley DW, all in New York, New York. He currently holds no state registrations and has passed four securities industry qualification examinations.