Former Benjamin & Jerold financial advisor, Juergen Weber (Weber), recently settled allegations with the Financial Industry Regulatory Authority (FINRA) following an enforcement action. FINRA investigated Weber’s alleged unsuitable investment recommendations and executed unauthorized trades in a customer account. As a consequence of Weber’s failure to cooperate with FINRA’s investigation, FINRA permanently barred him from the financial industry.
Weber (FINRA CRD No. 2617323) entered the financial industry in 1995 as a general securities representative. Weber worked for various firms during his career, including but not limited to, Wachovia Securities, LLC; A.G. Edwards & Sons, Inc.; and Avalo Partners, Inc. During the relevant time period, Weber worked for Benjamin & Jerold Brokerage I, LLC (“Benjamin & Jerold”). Weber’s FINRA BrokerCheck Report reveals three regulatory investigations as of today. Weber is no longer associated with any FINRA-member; however, he remains subject to FINRA’s jurisdiction.
FINRA’s Department of Enforcement initiated an investigation into Weber’s alleged misconduct. FINRA specifically investigated whether Weber recommended and sold unsuitable investment products to his clients in violation of FINRA rules. FINRA sent Weber a request to provide on the record testimony pursuant to FINRA Rule 8210. According to FINRA, Weber failed to cooperate with the investigation in any discernable manner.
Based upon the foregoing alleged misconduct, FINRA asserted Weber violated FINRA Rules 2010 and 8210. Specifically, FINRA Rule 8210 authorizes FINRA, in the course of its investigations, to require persons associated with a FINRA member to “provide information orally, in writing, or electronically . . . with respect to any matter involved in the investigation...” Here, Weber failed to provide information in response to FINRA’s request, thereby violating FINRA Rule 8210.
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