Securities Lawyers Blog
The law offices of Gana Weinstein LLP are currently investigating claims that Broker Kyle Jobin (Jobin) has been accused by investors of engaging in fraudulent misappropriation of their funds. According to records kept by The Financial Industry Regulatory Authority (FINRA), it appears that Jobin was employed by Osaic Wealth, INC. at the time of the activity. If you have been a victim of Jobin’s alleged misconduct our firm may be able to assist you in recovering funds.
FINRA BrokerCheck shows a final customer complaint on December 23, 2020.
The Wisconsin Office of the Commissioner of Insurance (‘OCI’) denied Mr. Jobin’s application for permanent individual intermediary agent’s insurance license based on Mr. Jobin’s ‘Yes’ answer to the question ‘Are you currently a party to, or have you ever been found liable in, any lawsuit, arbitrations, or mediation proceeding involving allegations of fraud, misappropriation or conversion of funds, misrepresentation or breach of fiduciary duty?’
FINRA BrokerCheck shows a settled customer complaint with a damage request of $5,000,000.00 on September 14, 2020.
Statement of claim alleges in 2014, Claimant’s assets were invested in alternative investments which were unsuitable and inappropriate given her unique financial situation and investment objective.
Our law firm has significant experience bringing cases on behalf of defrauded victims when their advisors engage in receiving loans from clients or selling securities sales through OBAs. In the financial industry, “selling away” refers to the sale of unapproved investment products, fake schemes that conceal stolen funds, and other fraudulent activities, representing a significant violation of securities regulations. In finance, “selling away” occurs when a financial advisor recommends investments in companies, promissory notes, or other securities without the approval of their broker’s affiliated firm. Sometimes those investments have some legitimacy but often times these types of investments can end up being Ponzi schemes or the advisor can be engaging in the conversion of funds.
However, federal securities laws and the FINRA rules require firms to monitor and supervise its employees in order to detect and prevent brokers from offering investments in this fashion. To ensure proper supervision of brokers, firms must establish procedures for monitoring advisors’ actions and engagements 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.
Jobin entered the securities industry in 2005. Jobin has been registered as a Broker with Osaic Wealth, INC. since 2024.
Investors who have suffered losses are encouraged to contact us at (800) 810-4262 for consultation. At Gana Weinstein LLP, our attorneys are experienced representing investors who have suffered securities losses due to the mishandling of their accounts. Claims may be brought in securities arbitration before FINRA. Our consultations are free of charge and the firm is only compensated if you recover.