Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Jason Head (Head), previously associated with Morgan Stanley, has at least 3 disclosable events. These events include 2 customer complaints, one regulatory, alleging that Head recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on January 15, 2025.
Without admitting or denying the findings, Head consented to the sanction and to the entry of findings that he converted over $498,000 from two customers of his member firm for his personal use. The findings stated that Head withdrew at least $231,733 from five brokerage, advisory, and line of credit accounts belonging to one of the customers. Head primarily wired funds from the customer’s accounts to accounts that Head controlled at two other banks and initiated ACH transfers from the customer’s accounts to directly pay certain of Head’s expenses. The customer was not aware that Head was withdrawing the funds and did not authorize the withdrawals. In addition, Head withdrew at least $267,000 from a liquidity access line of credit account that the second customer held at Head’s firm affiliate and deposited those funds in his accounts at other banks. The second customer was not aware of seven of these withdrawals and did not authorize the withdrawals. In addition, for one other withdrawal, which totaled $80,000, Head persuaded the second customer to authorize the withdrawal by stating falsely to the customer that there was an opportunity for the customer to invest in a company’s initial public offering. However, the purported initial public offering did not exist, and Head deposited the funds in his own account.