Former Forest Securities Broker, Jack D. Stone, Barred By FINRA For Failing To Provide Documents And Information To FINRA In Connection With Investigation Into Misrepresentations To Customer, Use Of Discretion And Unauthorized Transactions
Jack D. Stone (CRD # 437327) is a former Financial Advisor at Forest Securities, Inc. in Hillside, IL. Jack Stone has been in the securities industry since 1971 and previously worked at Birkelbach Investment Securities, Direct Access Brokerage Services, Inc. Schwab Capital Markets, L.P., Guntal & Co. Incorporated, Rodman & Renshaw Inc., Haas Securities Corporation, Mesirow & Company and Pershing Securities Corporation.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in September 2019, FINRA barred Jack Stone from acting as a broker or otherwise associating with a broker-dealer firm for refusing to “appear for FINRA on-the-record testimony in connection with an investigation into his securities activities while at his member firm, including possible misrepresentations to customers, use of discretion, and unauthorized transactions.”
For a copy of the FINRA sanction, click https://www.finra.org/sites/default/files/fda_documents/2017053685201%20Jack%20Stone%20CRD%20437327%20AWC%20jm.pdf.
In addition, Jack Stone has one pending and two settled customer complaints disclosed on his CRD, alleging the following:
- August 2017 – “Customer alleges churning, unauthorized trading, fraud, breach of fiduciary duty against Jack Stone registered rep of record & Forest Secutieis.” Alleged damages are $5,001.00. The matter is currently pending.
- March 2011 – “SUITABILITY, BREACH OF FIDUCIARY DUTY, CHURNING, BREACH OF CONTRACT.” The matter settled for $100,000.
- January 2008 – “BOND LADDER” The matter settled for $26,233.93.
For a copy of Jack Stone’ CRD, click https://brokercheck.finra.org/individual/summary/437327.
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.
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