Jacob Fournier Suspended by FINRA for Alleged Loan from Client

Jacob Fournier (CRD #: 7442521), a broker formerly registered with Fidelity Brokerage Services, has been suspended by FINRA. This disclosure appears in his BrokerCheck record, accessed on December 17, 2024. Details concerning his alleged conduct as a broker are provided below.
FINRA Suspension
On November 8, 2024, Jacob Fournier consented to the entry of findings that he allegedly borrowed a total of $25,000 from a client in April and June 2023.
A Letter of Acceptance, Waiver & Consent (AWC) alleged that Fidelity Brokerage Services prohibited lending or borrowing from customers during the relevant period. Jacob Fournier allegedly borrowed $25,000 in three disbursements from a client, who was a friend and a senior, and documented the loan with a promissory note.
Jacob Fournier has allegedly made partial repayments on this note since July 2023.
The AWC concluded that these allegations constitute violations of FINRA Rules 3240 and 2010.
FINRA Rule 3240
FINRA Rule 3240 describes the limited circumstances under which brokers may borrow from or lend to clients, such as loans between immediate family members.
FINRA Rule 2010
FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.
Sanctions
Jacob Fournier consented to the following sanctions:
- 45-calendar-day suspension from associating with FINRA members
- $5,000 fine
His suspension began on November 18, 2024, and will end on January 1, 2025. You can access the full AWC here.
Termination from Fidelity Brokerage Services
On July 14, 2023, Fidelity Brokerage Services fired Jacob Fournier following allegations concerning a joint account held with a non-family member and the use of a non-family member’s credentials to access that account.
FINRA Rule 2150
FINRA Rule 2150 prohibits brokers from directly or indirectly sharing in the profits or losses of a client’s account unless they have prior authorization from both the client and their firm. Further, brokers can only share in the profits or losses of an account in direct proportion to their own financial contributions to the account. There is an exception for the broker’s immediate family members.
FINRA Rule 2150 also prohibits the misuse of customer funds.
Background Information
Jacob Fournier has passed the following exams:
- Series 63 Uniform Securities Agent State Law Examination
- Series 7TO General Securities Representative Examination
- SIE – Securities Industry Essentials Examination
He has only registered with Fidelity Brokerage Services (CRD #: 7784).
Kurta Law Can Help
If you worked with Jacob Fournier and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.
For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. The firm only earns a fee if our securities attorneys recover money on your behalf.