- December 16, 2018
- Independent Financial Group
- Selling Away
The Wolper Law Firm is currently investigating claims against Robert Jamison II (CRD 5793591),a Financial Adviser at Independent Financial Group in Salinas, California and PNC Investments in Atlanta, Georgia. Scott Dolven has been in the securities industry since 2010.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on December 12, 2018, Robert Jamison was sanctioned by FINRA for allegedly referring customers to an unregistered individual for the purpose of investment. Specifically, the FINRA sanction states:
“On February 22, 2018, Jamison provided on-the-record testimony to FINRA related to allegations that Jamison, in connection with private securities transactions, referred customers to an individual who was not registered and who may have recommended or sold unsuitable securities to those customers. On November 20, 2018, FINRA staff sent Jamison a request, pursuant to FINRA Rule 8210, for additional on-the-record testimony regarding these allegations. As stated in his November 21, 2018 email to FINRA staff and by this agreement, Jamison acknowledges that he received FINRA’s request and will not appear for the requested testimony on the date scheduled or at any other time. By refusing to provide on-the-record testimony as requested pursuant to FINRA Rule 8210, Jamison violates FINRA Rules 8210 and 2010.”
For a full copy of the sanction, click http://www.finra.org/sites/default/files/fda_documents/2017055219802%20Robert%20Jamison%20CRD%205793591%20AWC%20va.pdf.
The alleged misconduct is referred to in the industry as “selling away.” 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.
The Wolper Law Firm is interested in speaking with clients of Robert Jamison II as part of its investigation. We can be reached at 800.931.8452 or by email at firstname.lastname@example.org. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. 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.