Plano, TX Financial Advisor, Jason Jaynes, Discloses Two Pending Customer Disputes
According to FINRA BrokerCheck, dually registered stockbroker and investment adviser Jason Jaynes (Jaynes, CRD# 5555100), who is currently affiliated with Wells Fargo Clearing Services, LLC (Wells Fargo) in the firm’s Plano, TX office, has disclosed two pending customer disputes. Both of these pending securities arbitration proceedings concern allegations of “unsuitable investment recommendations.” The first dispute, filed as an arbitration in August 2020, alleges that Claimants’ financial advisors “made unsuitable recommendations and neglected to reduce the over-concentrated and over-leveraged nature” of certain accounts.
With respect to the second dispute, which concerns an arbitration filed in January 2021 and is related to Mr. Jaynes’ previous affiliation with Merrill Lynch, the Claimants are alleging unsuitable investment recommendations “from February 2013 until December 2019.” This arbitration concerns investments in futures contracts and the customers are seeking $18 million in damages.
Jason Jaynes is a seasoned financial advisor with 12 years of industry experience. Jaynes entered the securities industry in 2008 and was initially affiliated with Morgan Stanley from 2008 - 2011. Subsequently, from October 2011 until December 2019, Mr. Jaynes was affiliated with Merrill Lynch in that firm’s Frisco, TX branch office. Since December 2019, Mr. Jaynes has been affiliated with Wells Fargo in their Plano branch office, having departed Merrill Lynch with a team of four other advisors in late 2019. These other advisors include: Jeff Dinkins, Andrew McGrath, Peter Ianace and Brad Huff. According to sources, at around the time of Mr. Jayne’s departure from Merrill Lynch, he and his team were managing around $850 million in customer assets.
Under applicable securities laws and FINRA Rules, brokerage firms like Wells Fargo and Merrill Lynch have a legal obligation to ensure that their registered representatives are adequately supervised. In this regard, brokerage firms must take reasonable steps to ensure that their brokers follow applicable securities rules and regulations, as well as adhere to the firm’s internal policies. In those instances when a brokerage firm fails to adequately supervise its brokers, it may be held liable for losses suffered by investors.
Investors who have suffered losses with Jason Jaynes, or another financial advisor, may contact our office by telephone at (201) 771-1115 or by email at info@gialawgroup.com for a no-cost and confidential consultation to learn more about their legal rights. The attorneys at Giarrusso Law Group LLC have extensive experience with handling all manner of claims on behalf of investors who have been victimized by securities fraud or related misconduct or negligence.