Securities Lawyers Blog
According to BrokerCheck records kept by The Financial Industry Regulatory Authority (FINRA) advisor Robert Jamison (Jamison), formerly associated with PNC Investments, in December 2018, was sanctioned and barred from the securities industry by FINRA over accusations of potentially selling unapproved products.
In December 2018 FINRA alleged that Jamison consented to the sanction and to the entry of findings that he refused to provide testimony to FINRA related to allegations that he, in connection with private securities transactions, referred customers to an individual who was not registered and who may have recommended or sold unsuitable securities to those customers.
The providing of loans or selling of notes and other investments outside of a brokerage firm constitutes impermissible private securities transactions – a practice known in the industry as “selling away”.
At this time it is unclear the nature and scope of Jamison’s activities. Jamison’s disclosures include any outside business activities (OBAs) disclosures. The only disclosure is an involvement with Crump Life Insurance.
In the industry the term selling away refers to when a financial advisor solicits investments in companies, promissory notes, or other securities that are not pre-approved by the broker’s affiliated firm. However, even though when these incidents occur the brokerage firm claims ignorance of their advisor’s activities the firm is obligated under the FINRA rules to properly monitor and supervise its employees in order to detect and prevent brokers from offering investments in this fashion. In order to properly supervise their brokers each firm is required to have procedures in order to monitor the activities of each advisor’s activities and interaction with the public. Selling away misconduct often occurs where brokerage firms either fail to put in place a reasonable supervisory system or fail to actually implement that system. Supervisory failures allow brokers to engage in unsupervised misconduct that can include all manner improper conduct including selling away.
In cases of selling away the investor is unaware that the advisor’s investments are improper. In many of these cases the investor will not learn that the broker’s activities were wrongful until after the investment scheme is publicized, the broker is fired or charged by law enforcement, or stops returning client calls altogether.
Jamison entered the securities industry in 2010. From July 2012 until November 2013 Jamison was registered with Pruco Securities, LLC. From December 2013 until February 2015 Jamison was registered with First American Securities, Inc. From March 2015 until October 2015 Jamison was associated with IFS Securities. From September 2016 until May 2017 Jamison was associated with Independent Financial Group, LLC. Finally, from June 2017 until January 2018 Jamison was was associated with PNC Investments out of the firm’s Atlanta, Georgia office location.
Investors who have suffered losses are encouraged to contact us at (800) 810-4262 for consultation. Investors may be able recover their losses through securities arbitration. The attorneys at Gana Weinstein LLP are experienced in representing investors in cases of selling away and brokerage firms failure to supervise their representatives. Our consultations are free of charge and the firm is only compensated if you recover.