Former Des Pain Financial Corporation financial advisor Jay Weiser (CRD# 1511042) is accused of mismanagement retirement assets in unsuitable Woodbridge Promissory Notes and Future Income Payments, LLC. Weiser was registered with Des Pain Financial Corporation in Collinsville, Illinois from 2000 to June 2018, when he was terminated regarding, “Clients allege Weiser sold Regulation D Products & Life Insurance to them that were not suitable to their situation.”
In November 2018, FINRA initiated an investigation into Weiser’s conduct regarding the sale of Woodbridge Promissory Notes and interests in Future Income Payments, LLC, to determine whether Weiser engaged in unapproved private securities transactions. In January 2019, FINRA barred Weiser after he consented to the sanction and to the entry of findings that he failed to cooperate with FINRA’s requests for documents and for on-the-record testimony related to its investigation into his conduct regarding the sale of Promissory Notes and interests, to determine whether Weiser engaged in unapproved private securities transactions.
The Woodbridge Group of Companies is a southern California luxury real estate developer that missed payments on notes sold to investors and filed chapter 11 bankruptcy in December 2017, along with 275 subsidiaries and affiliates, citing “unforeseen costs associated with ongoing litigation and regulatory compliance.” It is alleged that elderly and other investors invested millions of dollars into the Woodbridge Group of Companies investment programs. The investors were allegedly told that these were secure investments in real estate, which is not the case as evidenced by these bankruptcy proceedings.
The SEC is investigating whether 235 LLCs have violated the anti fraud, broker-dealer and securities registration provisions of the federal securities laws in connection with the Woodbridge Group of Companies receipt of more than $1 billion of investor funds from thousands of investors nationwide. The SEC is investigating the offer and sale of unregistered securities, the sale of securities by unregistered brokers and the commission of fraud in connection with the offer, purchase and sale of securities. Monetary claims against Woodbridge remain pending.
Weiser has been the subject of one customer complaint, according to his CRD report:
May 2018. “Claim that Jay Weiser mismanaged Inendino’s retirement assets.” The customer is seeking $498,047 in damages and the case is currently pending.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Des Pain Financial Corporation may be liable for investment or other losses suffered by Weiser’s customers.
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