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Jon Freeze: Complaints, Sanctions Against Ex-Fortune Financial Services Advisor
Investor complaints against the former Canonsburg, Pennsylvania advisor Jon Freeze (CRD# 2642023) allege conduct including suitability violations and investments sold away from his former firm, Fortune Financial Services. One such complaint alleges damages of $370,000. Freeze was employed with Fortune Financial Services in Canonsburg until 2017, when the Financial Industry Regulatory Authority sanctioned and barred him over his alleged failure to cooperate with an investigation into his activities, according to information drawn form FINRA records.
Seven pending investor complaints against Jon Freeze allege that he sold investments in Alternative Energy Holdings, “possibly a Reg D investment,” or private placement, away from his member firm, Fortune Financial Services. The complaints, filed in 2017 and 2019, allege damages of the following amounts: $84,000, $330,000, $118,500, $75,000, $370,000, $90,000, and $30,000.
Jon Freeze allegedly made unsuitable recommendations and sold promissory notes that might have been investments sold away from his member firm, according to a pending 2017 complaint concerning his conduct at Fortune Financial Services. The complaint alleges damages of $165,000.
Jon Freeze was sanctioned by FINRA in 2017 over allegations he declined to provide “documents and information” requested during the regulator’s investigation into the advisor’s “recommendation of variable annuities” to his customers. As FINRA rules forbid representatives from refusing to comply with such requests, he was issued an indefinite bar from associating with any broker-dealer in any capacity.
This was not his first FINRA disciplinary action. He was also sanctioned in 2015 over allegations he “borrowed $20,000 from his member firm’s customer” without providing his firm prior written notice or obtaining his firm’s prior written approval to accept the loan. He was ordered to pay a $5,000 fine and suspended from associating with any broker-dealer in any capacity for ten business days.
Two years before that suspension, Mr. Freeze was terminated from LPL Financial over allegations he accepted a loan from one of his customers, violating the firm’s policy.
Jon Freeze is not currently registered as a broker or investment adviser. His employment history includes Fortune Financial Services in Canonsburg, Pennsylvania, Summit Brokerage Services, LPL Financial, Lincoln Financial Advisors Corporation, and the Lincoln National Life Insurance Company. he has passed four securities industry qualification examinations. (Information current as of August 8, 2019.)