Did you lose money investing with Jason Schwartz (CRD# 2798141)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Jason Schwartz. If you suffered losses investing with Jason Schwartz, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
As of March 3, 2023, Jason Schwartz’s FINRA BrokerCheck Report contains the following:
BARRED: FINRA has barred this individual from acting as a broker or otherwise associating with a broker-dealer firm.
Disclosure Events
1 Regulatory Event
April 27, 2021 – An Order Accepting Offer of Settlement was issued in which Schwartz was barred from association with any FINRA member in all capacities. Without admitting or denying the allegations, Schwartz consented to the sanction and to the entry of findings that he converted $32,400 from his member firm by submitting falsified expense reports to it seeking reimbursement for expenses he never incurred. The findings stated that Schwartz entered into agreements with a local sports team to pay $16,000 per season (or $32,000 total) for the use of a suite at a certain number of games each season. Instead of submitting for reimbursement only the $32,000 he paid for tickets for those seasons, Schwartz requested and obtained false invoices inflating the expense and misrepresenting that he had paid the expenses. Using the false invoices, Schwartz requested and received a total of $64,400 in reimbursements from the firm. Schwartz retained and converted
the $32,400 the firm paid him in excess of his actual expenses, returning only part after his misconduct was discovered. The findings also stated that Schwartz provided false information to his firm by intentionally submitting or causing the submission of false reports seeking reimbursement of expenses that he had purportedly incurred. In addition, to concealing his misconduct, Schwartz lied to his manager about his payment for these purported expenses. The findings also included that Schwartz caused his firm to maintain inaccurate books and records by submitting or causing the submission of the expense reports supported by the false invoices. FINRA found that Schwartz gave false on-the-record testimony regarding cash payments made to the sports team and why the sports team invoices sent to him were marked paid, even though Schwartz had not paid such expenses. Schwartz first testified that he never paid the sports team in cash. When confronted with prior statements to the firm that he had paid the sports team in cash for certain game tickets, Schwartz then falsely testified that he paid the sports team $15,600 for season games in $500 to $600 cash payments prior to games. Schwartz did not, however, pay the sports team in cash for any game tickets for which he sought reimbursement. Schwartz also falsely testified that he did not know why invoices sent to him from the sports team were marked paid, claiming that the sports team just sent them that way at the beginning of the year. The sports team sent him invoices marked paid when he had not yet paid for the tickets in those invoices because, as Schwartz knew, he asked the team to do so. (FINRA Case #2017056698601)
Current and Previous Registrations
02/27/2018 – 04/05/2021 LOCORR DISTRIBUTORS, LLC (CRD#:41782) EXCELSIOR, MN
07/09/2012 – 12/12/2017 AIG CAPITAL SERVICES, INC. (CRD#:13158) JERSEY CITY, NJ
06/19/2007 – 10/18/2011 OPPENHEIMERFUNDS DISTRIBUTOR, INC. (CRD#:7834) NEW YORK, NY
07/01/1999 – 12/12/2006 ING FUNDS DISTRIBUTOR, LLC (CRD#:37886) SCOTTSDALE, AZ
07/01/1998 – 12/08/1998 SG COWEN SECURITIES CORPORATION (CRD#:7616) NEW YORK, NY
03/04/1998 – 07/01/1998 COWEN & CO. (CRD#:1541) NEW YORK, NY
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Due Diligence Requirement
FINRA requires broker’s to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokers and the brokerage firms they work for that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Request a Free Consultation with a Securities Attorney
If you suffered losses investing with Jason Schwartz and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
This information is all publicly available and is being provided to you by Galvin Legal, PLLC.
Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.
