Jack Jones Involved in Third Unsuitability Dispute
Jack Jones (CRD #: 2539111), a broker registered with Triad Advisors, is facing his third unsuitability dispute, according to his BrokerCheck record, accessed on March 2, 2022. He is also an investment advisor registered with Triad Hybrid Solutions.
Pending Unsuitability Dispute
According to the allegations filed on November 22, 2021, Jack Jones recommended a private placement investment that did not meet their needs and objectives. The allegations further state that Jack Jones did not adequately disclose the investment and failed to conduct adequate due diligence on the offering. The investors are seeking $100,000.
Settled Unsuitability Disputes
- On March 16, 2020, Jack Jones was involved in an unsuitability dispute alleging he recommended an unsuitable investment strategy beginning in 2014. The case was settled for $175,000.
- On July 9, 2019, Jack Jones was involved in yet another dispute alleging an unsuitable investment recommendation. The investors who invested $5000,000 in GBP Holdings claimed the investment was unsuitable five years after the initial purchase in 2014. The case was settled for $132,500.
FINRA Rule 2111
FINRA Rule 2111 requires financial advisors to have a “reasonable basis” to believe that a recommended transaction or investment strategy is suitable for their client. Investments may be unsuitable because they do not align with the investor’s financial goals, investing experience, age, or risk tolerance.
- Investments can be unsuitable because they are high risk and likely to lose money.
- Securities may also be unsuitable because they are illiquid, meaning that they are meant to be held for an extended period of time and could be costly to cash out.
- Securities must also be quantitatively suitable, meaning that brokers executed an excessive number of trades.
- These requirements apply to the overall investment strategy as well as the investments themselves.
A violation of FINRA Rule 2111 is also a violation of FINRA Rule 2010, which requires member firms and their associated persons to “observe high standards of commercial honor and just and equitable principles of trade.”
Jack Jones has passed the following exams:
- Series 65 – Uniform Investment Adviser Law Examination
- 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
Jack Jones is a registered broker in five states and a registered investment advisor in Texas.
He has also worked with the following firms:
- Robare & Jones Wealth Management (CRD#:116597)
- Veravest Investment Advisors (CRD#:105796)
- Veravest Investments (CRD#:3960)
Kurta Law Can Help
If you have worked with Jack Jones and have concerns about your investments, don’t hesitate to contact us today at 877-600-0098 or firstname.lastname@example.org 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.