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Jeffrey Davidson: Why Did Equitable Advisors Fire Austin Broker?

Purshe Kaplan Sterling financial advisor Jeffrey Davidson (CRD# 4585780) was recently fired from his former member firm, Equitable Advisors, in connection with alleged misconduct. Financial Industry Regulatory Authority show that he is a broker and an investment advisor based in Austin, Texas.

According to a disclosure on Mr. Davidson’s BrokerCheck report, he was terminated from his position at Equitable Advisors in January 2022. The firm discharged him in relation to allegations he participated “in a private securities transaction that was not reviewed or approved by the Firm.” In a statement on the disclosure, Mr. Davidson wrote that he made “multiple disclosures… to firm management” regarding the transaction in question, which he claimed was part of a “firm approved outside business activity.

For reference, FINRA Rule 3280 stipulates that brokers like Mr. Davidson may not participate in private securities transactions—that is, transactions involving investments unapproved by their member firms—without first providing written notice to their member firm. In cases where they have received or may receive selling compensation for the transaction, they must obtain their firm’s written approval. (In cases involving transactions not for compensation, the firm may require the representative to follow certain conditions.) Private securities transactions can create risks for the investor, given that they involve investments not vetted by the firm. Brokers who recommend private securities transactions may be held liable in the event of losses.

According to the Financial Industry Regulatory Authority records, Jeffrey Davidson holds 19 years of securities industry experience. Based in Austin, Texas, he has been a broker and an investment advisor with Purshe Kaplan Sterling since 2022. He was formerly registered with Equitable Advisors in Austin, Texas, where he was registered from 2002 until 2022. His credentials include the passage of four securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Combined State Law Examination, or Series 66. He is licensed in Colorado, Florida, Georgia, Kansas, Louisiana, Minnesota, New Mexico, North Carolina, Texas, and Wyoming. (Information current as of August 29, 2022.)

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.

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