Financial Advisor, Jeffrey Sigman, Barred By FINRA After Being Terminated By First Financial Equity Corp.
The Wolper Law Firm is currently investigating claims against Jeffrey Sigman, a former Financial Advisor at First Financial Equity Corp. in Greenwood Village, Colorado. Jeffrey Sigman has been in the securities industry since the 1980s and previously worked at Neidiger, Tucker & Bruner.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on September 13, 2018, FINRA sanctioned Jeffrey Sigman after he refused to cooperate with a FINRA investigation into his alleged participation in outside business activities that were not approved by his employer. Participation in outside business activities often leads to “selling away,” which is when financial advisors sell products and securities to clients that are not approved by the firm.
The Financial Industry Regulatory Authority (FINRA) strictly prohibits financial advisors from “selling away” or selling securities and investments to clients that are not offered by the brokerage firm with which they are employed. For example, it is illegal and a violation of industry rules for a financial advisor to recommend or even suggest that a client invest in the financial advisor’s own business or a business operated by his or her friends or family. It is not necessary that the financial advisor earn any compensation for recommending an outside investment.
The purpose behind this prohibition is to ensure that a financial advisor only offers to sell securities that have been vetted by his or her employer brokerage firm through a rigorous due diligence process. Most brokerage firms have an approved list of investments, products, and research that can be provided or made available to clients. Any deviation by the financial advisor from the approved product list may constitute selling away.
To review a full copy of the FINRA sanction, click http://www.finra.org/sites/default/files/fda_documents/2016050093401%20Jeffrey%20Sigman%20CRD%201418621%20AWC%20jm.pdf
The FINRA sanction follows Jeffrey Sigman’s separation of employment from Neidiger, Tucker & Bruner in 2016 and subsequent termination by First Financial Equity Corp. for allegedly failing to accurately disclose the circumstances of his outside business activities and separation from Neidiger, Tucker & Bruner.
To review a full copy of Thomas Logue’s FINRA disclosure report, click https://brokercheck.finra.org/individual/summary/1418621#disclosuresSection
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
If you or someone you know was a customer of Jeffre Sigman and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at email@example.com to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.
Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.
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