UPDATE APRIL 2017-BOCA RATON, FL–The FINRA records of Jason L. Figueroa disclose that in pending FINRA arbitration case #15-03075 a customer of GMS Group alleges damages of $750,000 for unsuitable investments, fraud, breach of fiduciary duty and negligence in connection with investments in municipal debt and exchange traded funds (ETF).
ORIGINAL POST-October 21, 2015-Boca Raton, FL
Rex Securities Law is investigating options for recovery for investors who suffered damages in brokerage accounts handled by Jason L. Figueroa.
Jason Figueroa , entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that from October 2011-October 2013 he recommended and engaged in unsuitable trading in nontraditional exchange traded funds (ETFs) in four customer accounts.
In addition, FINRA alleges that FIgueroa exercised discretion without having obtained prior written authorization in fourteen customer accounts.
NASD Conduct Rule 2510(b) provides that “[n]o member or registered representative shall exercise any discretionary power in a customer’s account unless such customer has given prior written authorization to a stated individual or individuals and the account has been accepted by the member, as evidenced in writing by the member or the partner, officer or manager. duly designated by the member, in accordance with Rule 3010.
By using discretion to execute trades without first obtaining written authorization by the customer and written acceptance of this arrangement by the Firm, Figueroa violated NASD Conduct Rule 2510(b) and FINRA Rule 2010.
AWC No. 2013038756501
Figueroa was barred from the securities industry.
According to FINRA records, FIgueroa was registered with GMS Group, LLC from 4/2006-4/2015.
GMS Group is headquartered in Livingston, New Jersey and has branch offices in Jersey City, New Jersey , Houston, Texas and Boca Raton, Florida.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
Florida-561 391 1900