Investigation of Former Allstate Financial Services, LLC Broker Jason Jodway

Allstate Financial Services

Were you the victim of former Allstate Financial Services, LLC broker Jason Jodway (CRD# 2998141) who faces multiple customer complaints related to selling away? He has been registered with Allstate Financial Services, LLC in Waterford, Michigan from November to December 2019. Previously, he was registered with Securian Financial Services, Inc. in Southfield, Michigan from 2016 to 2017 and with Valic Financial Advisors, Inc. in Auburn Hills, Michigan from 2003 to 2016.

In May 2020, the state of Michigan sanctioned him to pay a $10,000 civil and administrative penalty related to “the offer and sale of its securities to Michigan investors without the benefit of registration or a properly-claimed exemption, in violation of section 402(1)of the Securities Act, MCL 451.2402(1). Jason Jodway acted as an agent for YYYY and YYYY in the offer and sale of its securities to Michigan investors without the benefit of registration or a properly-claimed exemption, in violation of section 402(1) of the Securities Act, MCL 451.2402(1).”

According to his BrokerCheck profile, he has been an investment consultant with J. Wellington Financial in Warren, Michigan since 2020 as well as a financial advisor representative with FSA Advisors in Warren, Michigan since 2021. He also listed his outside business activities with Financial Services of America Advisors as selling insurance and annuity sales.

Jason Jodway Customer Complaints

He has been the subject of three customer complaints between 2014 and 2022, according to his CRD report. The most recent complaints are regarding: 

February 2022. “Failure to perform due diligence, breach of fiduciary duty, and otherwise negligent in recommending an investment in an oil and gas private placement: the Explore America Income fund.” The customer is seeking $100,000 in damages and the case is currently pending. The complaint took place while he was registered with Financial Services of America Advisors. 

February 2021. “Attempting to recover “commissions” and other “fees” for fraudulent debentures sold to investors. Jodway was licensed through FINRA, but the commission was not paid to his broker-dealer. It was never disclosed to the broker-dealer that Jodway was involved in selling away. The commission in question was paid on 2/28/2019.” The customer is seeking $48,000 in damages and the case is currently pending. The complaint took place while he was registered with J. Wellington Financial and was regarding real estate securities. 

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, Allstate Financial Services, LLC may be liable for investment or other losses suffered by Jason Jodway’s customers.

Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.