- December 10, 2023
- Oak Lane Advisors
Jacob Perry Cazier (CRD#: 6904198) is a previously registered broker and investment advisor.
He entered the securities industry in 2018 and previously worked for Allegis Investment Services, LLC; J.W. Cole Financial, Inc.; and Oak Lane Advisors.
Current and Past Allegations of Conduct Leading to Investment Loss
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in November 2023, Jacob Cazier became the subject of a customer dispute following allegations against the Firm for, “failing to detect an alleged fraud operated away from the Firm by a deceased representative that was with the Firm for less than two months. Claimants invested with the other representative at various times while he was affiliated with differing firms. Claimants allege Registered Representative was indirectly involved.” The damage amount requested is $15,000,000, and the customer dispute is still pending.
In addition, Jacob Cazier has been the subject of one other disclosure, which includes:
- June 2023—“ The AAA Arbitration involves Claimants’ claims associated with Stephen Swensen, a non-party to the AAA Arbitration and this Agreement, whom was a past investment advisor at Wealth Navigation. Stephen Swensen ran an investment scam known as Crew Capital. In the AAA Arbitration, Claimants assert that they invested approximately $19,500,000.00 in the now worthless Crew Capital fund. The AAA Arbitration includes claims against Wealth Navigation, Fisher, Jones, and Cazier for violations of the Utah Securities Act, breach of fiduciary duty, negligent breach of professional duties, and negligent failure to supervise.” The customer dispute settled for $700,000.
For a copy of Jacob Cazier’s FINRA BrokerCheck, click here.
Pursuant to FINRA Rule 3270, outside business activities in which Financial Advisors become involved must be disclosed. This is in order to ensure that Financial Advisors do not engage in 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 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. We can be reached at (800) 931-8452 or by email at email@example.com.