An investigation was recently launched by FINRA into suspected outside business activities of Jason H. Poff, a financial advisor currently registered with Allstate Financial Services. The investigation, launched in January 2021, pertained to the period Poff was employed by LPL Financial.
The grounds for the investigation were the consulting contracts between his brokerage firm and an outside entity, which was in the business of making loans and processing cashier’s checks, that were drafted by Poff, as revealed in the regulatory complaint. The issue seems to be that Poff had attested to the FINRA member of not being involved in any outside business activities.
Brokerage firms and stockbrokers are licensed and regulated by the Financial Industry Regulatory Authority (FINRA). FINRA regulations require members to mandatorily make certain disclosures like regulatory sanctions and customer disputes, as well as matters that could be considered to be financial in nature such as bankruptcies, liens, and judgments pertaining to themselves.
Before his current stint with Allstate Financial, Poff has been employed by Chase Investment Services, Merrill Lynch, and LPL Financial.
Going back to 2009, when he was registered with Chase Investment Services, an amount of $38,000 was paid out to a customer of Chase who had alleged that his instructions regarding a variable universal life insurance policy had not been carried out by Poff.
Poff has disclosed his affiliation with Houston, TX-based Ursus Financial Group, as an outside business activity, on his FINRA record.
If you have concerns about your dealings with Jason Poff, you can call one of the experienced securities attorneys at Haselkorn & Thibaut for a no-charge consultation.
With offices in New York, Texas, Florida, Arizona, and North Carolina, Haselkorn & Thibaut work with investors across the country and helps them recover losses incurred through negligence and/ or fraudulent activities of stockbrokers and broking houses. Cases are generally handled on a contingent basis; in other words, you don’t pay us till you are successful in your recovery efforts.
