FINRA Bars Westport Advisor Jeffrey Basford: Energy Investments

Former David Lerner Associates financial advisor Jeffrey Basford (CRD# 5077566) has been barred by securities regulators in connection to allegedly unsuitable trading. Financial Industry Regulatory Authority records show that the former Westport, Connecticut broker has also received multiple recent investor complaints, one of which reached a settlement of more than $200,000.

According to a Letter of Acceptance, Waiver, and Consent (No. 2019063686202), Mr. Basford refused to cooperate with a FINRA investigation into his potential unsuitable sales of certain “proprietary energy products.” The AWC Letter states that FINRA sent him a request on June 21, 2022 to provide on-the-record testimony as part of the investigation. However, on July 5, 2022, he indicated to FINRA via counsel that he would not appear for the testimony at any time. FINRA found that his refusal to appear for the requested testimony constituted violations of FINRA Rules 8210 and 2020. The regulator barred him from associating with any FINRA member in any capacity.

Mr. Basford’s BrokerCheck report discloses multiple investor complaints. The most recent, filed in July 2021, alleges that as a representative of David Lerner Associates, he misrepresented and recommended unsuitable investments in an Energy 11 private placement and a mutual fund. The pending complaint alleges damages of $200,000. 

A second investor complaint, filed in June 2021, alleges that Mr. Basford made misrepresentations and omissions regarding unsuitable recommendations to invest in Energy 11 and Energy Resources 12 private placements. The pending complaint alleges damages of $100,000 to $500,000.

A third investor complaint, also filed in June 2021, similarly alleged that Mr. Basford misrepresented and recommended unsuitable Energy 11 and Energy Resources 12 private placements. In May 2022 the complaint reached a settlement of $205,000.

According to the Financial Industry Regulatory Authority, Jeffrey Basford holds 16 years of securities industry experience. Having been barred by FINRA, he is currently not registered as a broker. He was a broker with David Lerner Associates in Westport, Connecticut from 2006 until 2022. His credentials include the passage of three securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. (Information current as of August 16, 2022.)

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