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Ian James Suspended After Allegedly Failing to Disclose Outside Business Activities

Mar 11, 2022 FINRA Suspension

Ian James (CRD #: 2602300), a broker registered with International Assets Advisory, has been suspended by FINRA for allegedly failing to disclose a tax lien and an outside business activity. This is according to his BrokerCheck Record accessed on February 26, 2022. He is also an investment advisor registered with Global Assets Advisory.

FINRA Allegations

Failing To Disclose a Tax Lien Allegations

According to an Acceptance, Waiver, and Consent agreement dated November 30, 2021, Ian James consented to the findings that he failed to timely amend his Uniform Application for Securities Industry Registration or Transfer to disclose a federal tax lien totaling $59,997.08.

FINRA requires registered representatives to disclose unsatisfied judgments or liens on their Form U4. Specifically, one question asks, "Do you have any unsatisfied judgments or liens against you?"

Failing to Disclose Outside Business Activity Allegations

Through an entity he owned, Ian James allegedly made a capital contribution to a medical marijuana company in the form of a promissory note. Ian James also allegedly became the managing member of a new limited liability company to engage in operational activity for the medical marijuana company. 

Ian James allegedly engaged in these activities without prior written notice to his firm. 

FINRA Rule 3270 requires that brokers provide written notice to their firms regarding their outside business activities. A violation of FINRA Rule 3270 also constitutes a violation of FINRA Rule 2010, which requires registered representatives to observe high standards of commercial honor and just and equitable principles of trade. 

Ian James has five businesses listed in the Outside Business Activity section of his detailed BrokerCheck report, including:

  1. Capital Financial Group
  2. West Valley Insurance
  3. Managing member James Financial LLC
  4. Investment advisor registered with Global Assets Advisory
  5. Jackass LLC

Contact Kurta Law right away if Ian James solicited you for investments in an outside business. 

Sanctions

As part of the terms of the AWC, Ian James consented to: 

  1. A two-month suspension from associating with any FINRA member in all capacities. 
  2. A $10,000 fine

You can read a copy of the AWC here.

Denied Dispute

On June 8, 2021, Ian James was named in an investor dispute. According to the investor, Ian James provided inauthentic documentation authorizing the transfer of cash and securities from his client's account to his own account without the client's knowledge. The firm denied the case.

Bankruptcy

Ian James also has a bankruptcy on his record.

Background Information

Ian James has passed the following exams:

  • Series 63 - Uniform Securities Agent State Law Examination
  • SIE - Securities Industry Essentials Examination
  • Series 7 - General Securities Representative Examination
  • Series 6 - Investment Company Products/Variable Contracts Representative Examination
  • Series 24 - General Securities Principal Examination

He is a registered broker in 10 states and is an investment advisor registered with Louisiana and Texas.

He has also worked with the following firms:

  • Global Planning Stewards (CRD#:286135)
  • Global Assets Advisory (CRD #: 300460) 
  • Investacorp Advisory Services(CRD#:109011)
  • Investacorp (CRD#:7684)
  • Summit Brokerage Services (CRD#:34643)
  • Summit Financial Group (CRD#:109485)
  • Raymond James Financial Services Advisors (CRD#:149018)
  • Raymond James Financial Services (CRD#:6694)
  • Wells Fargo Advisors Financial Network (CRD#:11025)
  • LPL Financial Corporation (CRD#:6413)
  • Edward Jones (CRD#:250)
  • Prudential Securities Incorporated (CRD#:7471)
  • Metlife Securities (CRD#:14251)
  • Metropolitan Life Insurance Company (CRD#:4095)

Kurta Law Can Help 

If you have worked with Ian James and have concerns about your investments, don't hesitate to get in touch with us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.