The Financial Industry Regulatory Authority (FINRA) brought an enforcement action against registered representative Jason Hunter Likens (Likens) (FINRA No. 2016049871601). The underlying basis of the enforcement action concerned allegations Likens borrowed funds from two customers, including an elderly client, without disclosing the loans to his employer. As a result of the undisclosed personal loans, FINRA suspended Likens for 15 months from the financial industry.
Likens (FINRA CRD No. 4716661) entered the securities industry in 2003 as a general securities representative. From 2009 to 2016, Likens worked for Oppenheimer & Co., Inc. (“Oppenheimer”). Likens is no longer associated with any FINRA-member; however, he remains subject to FINRA’s jurisdiction.
FINRA’s Department of Enforcement investigated Likens and alleged he borrowed funds from two clients. According to FINRA, Likens sought loans from the two customers and was eventually paid $23,500 by check. One of the customers was elderly with “significant health issues.” FINRA also alleged Likens failed to notify anyone at Oppenheimer about the loans/borrowed funds, and he did not seek written approval before borrowing funds from the customer.
FINRA alleged Likens violated several FINRA rules and regulations, including FINRA Rules 2010 and 3240. FINRA Rule 3240 prohibits registered persons from borrowing money from or lending money to any customer certain conditions and/or exceptions are satisfied. A violation of FINRA Rule 3240 also constitutes a violation of FINRA Rule 2010, which requires associated persons to observe high standards of commercial honor and just and equitable principals of trade.
Lufrano Law, LLC is a national investment litigation firm and has experience representing investors who have investment disputes with brokers and broker-dealers. Please contact us at (800) 627-2179 for more information if you have been the victim of investment negligence or fraud.