Alex Williams (CRD# 2646185), a broker and investment adviser based in New York, has received a pending customer complaint. According...Read More
Jay Weiser: Former DesPain Advisor Barred by FINRA
A disciplinary action taken by the Financial Industry Regulatory Authority against former Collinsville, Illinois broker and investment advisor Jay Weiser (CRD# 1511042) barred him after finding he failed to cooperate with an investigation into whether he participated in unapproved private securities transactions. A former representative of DesPain Financial Corporation, Weiser was barred from acting as a broker or otherwise associating with a broker-dealer firm.
According to a Letter of Acceptance, Waiver and Consent (No. 2018058604101) dated January 2019, FINRA launched an investigation in November 2018 concerning Weiser’s activities connected to “the sale of Woodbridge Promissory Notes and interests in Future Income Payments, LLC.” The purpose of the investigation, according to FINRA’s findings, was to assess whether he participated in private securities transactions while a representative of DesPain Financial Corporation. Accordingly the regulator sent him a request for documents and on-the-record testimony, which FINRA rules provide persons under FINRA jurisdiction shall provide in connection with matters under its investigation. According to FINRA, Weiser indicated to FINRA through counsel in December 2018 that he would not appear for on-the-record testimony or provide the documentation per FINRA’s request. FINRA found that this constituted violations of FINRA Rules 8210 and 2010. As a result of the foregoing alleged conduct, he was barred from association with any FINRA member firm in all capacities.
Jay Weiser’s disclosure records also list two settled or pending customer complaints against him. One such complaint, filed in 2018, alleged that as a representative of DesPain Financial Corporation, Jay Weiser mismanaged the customer’s retirement assets; it reached a settlement of $112,500. Another pending complaint, filed in 2018, also alleges that as a representative of DesPain Financial Corporation, he mismanaged the customer’s retirement assets. The complaint alleges damages of $50,000.
Jay Weiser is not currently registered as a broker or investment advisor. His employment history includes DesPain Financial Corporation in Collinsville, Illinois, American Express Financial Advisors, IDS Life Insurance Company, and Pruco Securities Corporation. He currently holds no state licenses and has passed five securities industry qualification examinations.