Former Merrill Lynch, Pierce, Fenner & Smith Incorporated Broker Jason Jaynes Investment Loss Options
Posted on Tuesday, April 6th, 2021 at 1:01 am
Erez Law is currently investigating former Merrill Lynch, Pierce, Fenner & Smith Incorporated broker Jason Jaynes (CRD# 5555100) regarding unsuitable investment recommendations in commodities. Jaynes has been registered with Wells Fargo Clearing Services, LLC in Plano, Texas since 2019. Previously, Jaynes was registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated in Frisco, Texas from 2011 to 2019.
Jaynes has been the subject of two customer complaints between 2020 and 2021, according to his CRD report:
January 2021. “The customers allege unsuitable investment recommendations and misrepresentations from February 2013 until December 2019.” The customer is seeking $18,000,000 in damages and the case is currently pending. The complaint took place while Jaynes was registered with Merrill Lynch, Pierce, Fenner & Smith Incorporated and was regarding futures commodities and except commodity options.
August 2020. “Claimants allege that their Financial Advisors made unsuitable recommendations and neglected to reduce the over-concentrated and over-leveraged nature of their accounts.” The case is currently pending. The complaint took place while Jaynes was registered with Wells Fargo.
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, Merrill Lynch, Pierce, Fenner & Smith Incorporated may be liable for investment or other losses suffered by Jaynes’ customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and 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.