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Purpetual Wealth Advisor Jim Jones: $400K Investor Complaint
Jasper, Indiana financial advisor Jim Jones (CRD# 5064653) allegedly recommended unsuitable investments, according to pending investor complaints against him. Financial Industry Regulatory Authority records show that he is a broker and investment advisor with Center Street Securities and Capital Advisory Network, respectively, doing business as Purpetual Wealth Management.
Mr. Jones’ BrokerCheck report discloses two investor complaints against him. The most recent, filed in April 2022, alleges that as a representative of Center Street Securities, he recommended unsuitable and illiquid alternative investments. The pending complaint alleges damages of $306,305.44.
A second investor complaint, filed in January 2022, alleges that Mr. Jones recommended “unsuitable, illiquid and high risk” alternative investments as a representative of Center Street Securities. This pending complaint alleges damages of $400,000.
FINRA rules stipulate that stockbrokers must comply with a standard referred to as “suitability.” In essence, the suitability standard mandates that brokers are to “have a reasonable basis to believe a recommended transaction or investment strategy” is appropriate for the customer, based on an evaluation of the customer’s “investment profile.” An investor’s profile is determined through reasonable diligence of factors including their age, financial situation, financial needs, tax status, investment background and goals, risk tolerance, and more.” These standards are explained further on FINRA’s website.
According to the Financial Industry Regulatory Authority, Jim Jones holds 16 years of securities industry experience. Based in Jasper and Clarksville, Indiana, he has been a broker with Center Street Securities since 2011, doing business as Purpetual Wealth Management. His past registrations include Brookstone Financial (Jeffersonville, Indiana; 2018-2020), Center Street Advisors (Jasper, Indiana; 2015-2018), Brookstone Capital Management (Jasper, Indiana; 2006-2015), and Kalos Management (New Albany, Indiana; 2005-2006). He has passed four securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Uniform Investment Adviser Law Examination, or Series 65; and the Uniform Securities Agent State Law Examination, or Series 63. He is licensed in Arizona, Florida, Indiana, Kentucky, Tennessee, and Texas. (Information current as of June 25, 2022.)
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