Richard Jackson: FINRA Suspends Equity Services Advisor

Former New York City financial advisor Richard Jackson (CRD# 2224335) has been sanctioned and suspended in connection with allegations that he violated industry rules. Financial Industry Regulatory Authority records show that he was formerly registered as a broker with Equity Services, which fired him in 2022.

A Letter of Acceptance, Waiver, and Consent (# 2022076868701) issued in August 2023 describes FINRA’s disciplinary action against Mr. Jackson. As it explains, FINRA found that he “sent communications to customers that contained unwarranted, misleading, exaggerated, and promissory claims” between January 2020 and November 2022, in violation of FINRA rules. He sent the emails in question while he was registered with Equity Services, the letter states, adding that he made the “promissory, unwanted and exaggerated claims in individual email communications he sent to at least 20 customers, including unwarranted predictions and projections of future performance.” The emails allegedly “omitted key risks” associated with the investments or industries they discussed, such as a technology company that he predicted would “likely grow in excess of 20% per year for the next 5 years,” according to FINRA.

The regulator found that his communications violated FINRA rules that require, among other things, “that all member communications be based on principles of fair dealing and good faith, must be fair and balanced, and must provide a sound basis for evaluating the facts in regard to any particular security, industry, or service.” In connection with these findings, FINRA issued him a one-month suspension and a fine of $5,000.

Mr. Jackson’s BrokerCheck report discloses his termination from Equity Services. Filed in 2022, it states that the firm fired him “as a result of investigation of correspondence.”

According to the Financial Industry Regulatory Authority, Richard Jackson holds 16 years of securities industry experience. Most recently based in New York City, he was registered as a broker with Equity Services from 2018 until 2022. His past registrations include MML Investors Services, UBS Painewebber, Smith Barney, and Merrill Lynch. His credentials include the passage of five securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the Securities Industry Essentials Examination, or SIE; the General Securities Representative Examination, or Series 7TO; and the Uniform Securities Agent State Law Examination, or Series 63. He is currently not registered with any  broker-dealer firm. (Information current as of August 23, 2024.)

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