Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that broker/adviser, Jason Lee Seale, III (CRD # 1874548) was recently suspended from the securities industry by the FINRA Department of Enforcement for using unauthorized discretion in customer accounts.
The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. Seale, III.
Registration Background for Jason Seale, III
Mr. Seale, III first became registered in the securities industry in 1989. He is currently registered with Novato, CA based American Wealth Management, Inc. (CRD # 25536). His prior registrations include Raymond James Financial Services, Inc. (CRD # 6694) from January 1999 to January 2002, Robert Thomas Securities, Inc. (CRD # 10147) from August 1995 to January 1999 and PaineWebber Incorporated (CRD # 8174).
FINRA’s Allegations Against Jason Seale, III
According to FINRA Letter of Acceptance, Waiver and Consent (AWC) dated August 11, 2021, Mr. Seale, III consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “From February 2016 through December 2018, [Mr. Seale, III] exercised discretionary trading authority to effect more than 60 transactions in four customers’ accounts”;
- “None of the four customers provided written authorization for [Mr. Seale, III] to exercise discretion in their accounts and American Wealth Management did not accept any of the four accounts as discretionary accounts in writing”;
- “In October 2016, [Mr. Seale, III] also completed and submitted to the firm a compliance questionnaire in which he inaccurately stated that he did not and would not exercise discretion in any customer accounts without the firm’s written authorization”; and
- By virtue of his actions, Mr. Seale, III violated NASD Rule 2510(b), regarding discretionary accounts and FINRA Rule 2010, regarding standards of commercial honor and principles of trade.
FINRA Sanctions Jason Seale, III
As a result of such violations and in addition to the above described findings and conclusions, FINRA’s August 11, 2021 AWC also indicates that Mr. Seale, III consented to the following sanction(s):
- A 15-business day suspension from association with any FINRA member in all capacities; and
- A fine in the amount of $5,000.00.
Jason Seale, III Has A History of Securities Industry Customer Complaints
In addition to the August 11, 2021 AWC showing Jason Seale, III being suspended from the securities industry by FINRA for using unauthorized discretion in customer accounts, FINRA BrokerCheck for Jason Seale, III reveals he has a prior history of customer complaints and/or customer initiated arbitrations, including but not necessarily limited to the following:
- On July 23, 2012, a customer initiated a written complaint against Mr. Seale, III regarding alleged actions that occurred while he was associated with American Wealth Management, Inc. The customer alleged Mr. Seal, III bought too much Facebook stock on the day of the IPO, which did not meet their expectations or risk tolerance. The customer further alleged damages in the amount of $48,000.00. On November 20, 2012 the complaint was settled in the amount of $11,500.00.
- On March 19, 2002, a customer-initiated arbitration was commenced naming Mr. Seale, III as a respondent regarding alleged actions that occurred while he was associated with Raymond James Financial Services, Inc. The customer alleged unsuitable recommendations, failure to disclose material facts, churning and excessive charges. The customer further alleged damages in the amount of $540,243.00. On March 25, 2002 the arbitration was settled in the amount of $100,000.00.
If you or someone you know has or had a brokerage account with Jason Lee Seale, III and have concerns regarding losses in your investments or possible sales practice violations including fraud, churning or unsuitability, you may be entitled to recover lost funds. The Law Office of Kevin J. Deloatch, Esq. has an extensive securities law practice and over 30 years of experience on Wall Street. Call today at (646) 792-2156 for a free consultation. The time to file your claim may be limited so you should call today to avoid delay.