Jason Connolly: DFPG Investments Advisor Receives $300K Complaint

San Jose, California financial advisor Jason Connolly (CRD# 4708924) allegedly recommended unsuitable investments, according to a recent investor complaint. Financial Industry Regulatory Authority records show that he is registered as a broker with DFPG Investments and an investment advisor with Diversify Advisory Services.

Mr. Connolly’s BrokerCheck report discloses one investor complaint. Filed in June 2026, it alleges that as a representative of DFPG Investments, he breached his fiduciary duty and recommended unsuitable investments between 2016 and 2018. The pending complaint alleges damages of $300,000.

One of the most vital securities industry standards is the one established by the Investment Advisers Act of 1940, which stipulates that advisors must uphold a fiduciary duty to their clients. In essence, this means that they may not place their own interests ahead of the investor’s. Among other things, the fiduciary standard requires advisers to fully and fairly disclose potential conflicts of interest that might render their recommendations or advice not disinterested. The SEC’s Regulation Best Interest establishes a similar requirement, specifically obliging representatives to “make full and fair disclosure to the retail customer of all material facts relating to conflicts of interest that are associated with the recommendation” at the time they make it. Representatives who violate these standards may be subject to disciplinary action or found liable for damages.

According to the Financial Industry Regulatory Authority, Jason Connolly holds 22 years of securities industry experience. Based in San Jose, California, he has been registered as a broker with DFPG Investments since 2015 and an investment advisor with Diversify Advisory Services since 2007. His past registrations include First Allied Advisory Services, First Allied Securities, MetLife Securities, and Metropolitan Life Insurance. His credentials include the passage of three securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7; and the Uniform Combined State Law Examination, or Series 66. He holds 12 state licenses. (Information current as of August 13, 2026.)

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