Securities Lawyers Blog
The law offices of Gana Weinstein LLP are currently investigating claims that Broker Jason Wolter (Wolter) 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 Wolter was employed by Morgan Stanley at the time of the activity. If you have been a victim of Wolter’s alleged misconduct our firm may be able to assist you in recovering funds.
FINRA BrokerCheck shows a final customer complaint on March 28, 2024.
Without admitting or denying the findings, Wolter consented to the sanctions and to the entry of findings that he exercised discretion in the accounts of two customers without written authorization from the customers and without seeking his member firm’s approval of the accounts as discretionary. The findings stated that one customer instructed Wolter to communicate with the customer’s son about transactions in his accounts, and the customer granted his wife and son power of attorney authority (POA) over his financial accounts. Wolter did not obtain a copy of the POA, inform his member firm of the POA, or amend the customer’s account information to reflect the POA or any authorizations over the customer’s account. Nonetheless, Wolter stopped seeking the customer’s prior approval for the transactions and, instead, sought prior approval from the customer’s wife or son, neither of whom were authorized in the firm’s records to approve transactions in the customer’s accounts. A second customer gave Wolter implied authorization to exercise discretion in the customer’s account, but Wolter did not have written authorization to exercise discretion in the account, and the firm did not approve the account as discretionary.
