FINRA Bars Jay Dee Jordan for Numerous Violations
According to the Financial Industry Regulatory Authority, between June 1, 2012 and March 31, 2016, Jay Dee Jordan allegedly engaged in a series of significant violations of FlNRA Rules that resulted in substantial customer harm.
These violations reportedly resulted from the following misconduct: Jordan allegedly recommended and engaged in unsuitable trading in nontraditional ETFs in 84 of his customers’ accounts. These trades, which were reportedly unsuitable from both a reasonable-basis and a customer-specific perspective, collectively resulted in customer losses exceeding $8 million (according to the FINRA announcement). Purportedly, accordingly to FINRA, Jordan exercised discretion without having obtained prior written authorization in the accounts of at least six customers. He allegedly mismarked 927 of his customers’ purchases of nontraditional ETFs as “unsolicited” when he had, in fact, purportedly solicited those transactions.
Jordan allegedly failed to report two customer complaints to his Firm, and then according to FINRA, he allegedly surreptitiously attempted to settle one of the claims away from the Firm through the improper use of his personal email account. Additionally, Jordan apparently failed to produce requested documents and information pursuant to a FINRA Rule 8210 information request.
ln June 2012, FINRA states that Jordan allegedly began making widespread recommendations to his customers that they purchase various nontraditional ETFs, including the following:
(1) UWTI (three times the daily performance of the S&P GSCI Crude Oil Index ER);
(2) BOIL (two times the daily performance of the Bloomberg Natural Gas Sub index); and UGAZ (three times the daily performance of the S&P GSCI Natural Gas Index);
(3) TBT and TMV (two and three times, respectively, the daily performance of the inverse of the ICE U.S. Treasury 20+ Year Bond Index);
(4) SDS (two times the inverse of the daily performance of the S&P 500);
(5) QID (two times the inverse of the daily performance of the NASDAQ-100 index); and
(6) VIXY (matches the performance of the S&P 500 Short-Term Futures Index, which seeks to measure short-term volatility).
According to FINRA’s BrokerCheck report, Jay Dee Jordan was registered with WFG Investments, Inc. in Oklahoma City, OK from 09/27/2005 – 04/06/2016 when he was reportedly discharged for the above allegations. Jordan has 14 customer disputes listed on his Broker Report.
For FINRA’s full findings see FINRA Case # 2015046728802.
This information, which is publicly available on FINRA’s website, has been provided by The White Law Group.
If you have questions or concerns about investments you made with Jay Dee Jordan or WFG Investments, the securities attorneys of The White Law Group may be able to help you. To speak with a securities attorney, please call 888-637-5510.
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