Jacob Lee Harper (CRD #4258319) Has a Regulatory Disclosure on FINRA BrokerCheck

Jacob Lee Harper (CRD #4258319) was previously registered as a broker. FINRA BrokerCheck shows he is currently suspended and not registered. We reviewed his BrokerCheck report on February 25, 2026. It reflects one regulatory disclosure. If you invested with Jacob Harper and have concerns, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Regulatory Action(s)

Jacob Lee Harper’s FINRA BrokerCheck report reflects one regulatory action disclosure. A summary is below:

On November 10, 2025, FINRA reported a final regulatory action involving Jacob Harper. FINRA stated that he borrowed $50,000 from two customers without prior written approval from his member firm. FINRA also stated that he made false statements on firm compliance certifications and provided false or misleading responses to FINRA requests for information. The disclosure further states that he established outside securities accounts without firm consent and placed more than 1,000 trades in accounts held in his fiancée’s name, including trades in restricted securities. FINRA imposed a $17,500 fine and a 22-month suspension from acting in any capacity, effective December 1, 2025 through September 30, 2027.

Supporting document: Acceptance, Waiver & Consent (AWC)

Rule Summary #1: FINRA Rule 3240 (Borrowing From or Lending to Customers)

FINRA Rule 3240 limits loans between brokers and customers. It bars borrowing or lending unless a narrow exception applies and the firm approves it under its written procedures.

Rule Summary #2: FINRA Rule 8210 (Providing Information to FINRA)

FINRA Rule 8210 lets FINRA demand records, information, and testimony in an investigation. False or incomplete answers can block that review and lead to discipline.

Why This Matters to Investors (Regulation Best Interest)

Regulation Best Interest (Reg BI) is a U.S. securities regulation. It strengthens the standard of conduct that broker-dealers owe to retail investors. It applies when they recommend securities transactions or investment strategies. The U.S. Securities and Exchange Commission adopted Reg BI. It became effective on June 30, 2020. Reg BI aims to protect investors while preserving access to brokerage products and services.

Reg BI requires broker-dealers and financial advisors to act in a retail customer’s best interest at the time of a recommendation. They must not place their own financial or other interests ahead of the customer’s. This standard is higher than the older “suitability” rule. Suitability meant a recommendation only had to be appropriate. It did not have to be the best option or free of conflicts.

Reg BI has four key obligations:

Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and the recommendation. This includes fees, the scope of services, and conflicts of interest.

Care Obligation – Broker-dealers must use reasonable diligence, care, and skill. They must consider costs, risks, and alternatives when making a recommendation.

Conflict of Interest Obligation – Firms must identify conflicts of interest. They must disclose them and mitigate or eliminate them. This includes conflicts that create incentives to favor one product over another.

Compliance Obligation – Firms must maintain policies and procedures. Those policies should be designed to ensure compliance with Reg BI as a whole.

Reg BI applies to each recommendation. It is not a continuous duty like the fiduciary standard for registered investment advisers. Even so, it narrows the gap. It puts more focus on costs, conflicts, and investor-focused decision-making.

Overall, Regulation Best Interest promotes transparency. It also aims to improve the quality of investment recommendations. It is designed to reinforce trust between retail investors and broker-dealers in the U.S. securities markets.

Background Information (from BrokerCheck)

Based on his FINRA BrokerCheck report, Jacob Harper:

Is not currently registered.

Has passed the Securities Industry Essentials (SIE) exam. Jacob Harper has also passed Series 7 and Series 66.

Was previously registered with firms that include LPL Financial LLC and D.A. Davidson & Co.

Kurta Law Can Help

If you have worked with Jacob Harper and you have concerns about his activity, Kurta Law may be able to help you evaluate your legal options. To speak with Kurta Law, call 877-600-0098 or email info@kurtalawfirm.com.

Helpful resources: FINRA Rule 3240 (Customer Loans) | Unsuitable Investments

For nearly 20 years, Kurta Law has advocated for investors and helped hold financial professionals accountable. Our firm represents clients nationwide in securities arbitration and related disputes. If you believe a broker or firm mishandled your account, an attorney can review the facts and explain possible next steps.