FINRA Bars Previously Registered Financial Advisor Jeffrey Drost from All Capacities Indefinitely for Lack of Cooperation in Investigation
Jeffrey Drost (CRD#: 4489021) is a previously registered Broker and previously registered Investment Advisor. He entered the securities industry in 2002 and previously worked for Raymond James Financial Services, Inc.; Ameriprise Financial Services, Inc.; Investment Professionals, Inc.; The Lincoln National Life Insurance Company; and Lincoln Financial Advisors Corporation.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in August 2021, FINRA sanctioned Jeffrey Drost, barring him from all capacities indefinitely, beginning on August 27, 2021. The FINRA sanction states, “Without admitting or denying the findings, Drost consented to the sanction and to the entry of findings that he refused to provide information and documents requested by FINRA. The findings stated that FINRA requested that Drost provide information and documents in connection with FINRA’s investigation of Drost’s potential unauthorized borrowing from customers. Drost provided a partial but incomplete response to this request. FINRA issued a second request, requesting the same information and documents previously requested. Drost provided another partial but incomplete response to this request. Drost acknowledges that he received FINRA’s request and refuses to produce the outstanding information or documents requested.”
For a copy of the FINRA sanction, click here.
In addition, Jeffrey Drost has been the subject of one customer complaints, including the following:
● April 2021–”Obtaining loans from clients, including family member clients, without disclosure or prior approval in violation of firm policy and industry rules.” Jeffrey Drost was discharged by Raymond James Financial Services, Inc.
For a copy of Jeffrey Drost’s FINRA BrokerCheck, click here.
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.