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Investors Seek Six Figures In Negligence Disputes with Jason Jodway

Jason Jodway (CRD #: 2998141), a former broker, is involved in two pending disputes, according to his BrokerCheck record, accessed on May 23, 2022. If you have questions about Jason Jodway’s conduct as a broker, read on.

Investor Disputes

In a dispute filed on February 24, 2022, an investor alleges that Jason Jodway failed to perform due diligence and committed other forms of negligence in relation to recommending an investment in the Explore America Income fund, an oil and gas private placement. The client seeks $100,000 in this pending dispute.

On February 13, 2021, Jason Jodway was named in a dispute alleging he attempted to recover commission and other fees for fraudulent debentures sold to investors. The dispute alleges that Jodway was FINRA-licensed at the time, but the commission was not paid to his firm, and he did not disclose to his firm that he was involved in selling away. The dispute also alleges that the commission was paid on February 28, 2019.

The claimant seeks $48,000 in this pending dispute.

FINRA Rule 5310 and 3280

In accordance with FINRA Rule 5310, brokers must conduct due diligence when looking for the best market for a trade and execute investors’ instructions promptly and correctly.

FINRA Rule 3280 requires that brokers provide written notice to their firm before engaging in any private securities transactions. This rule prohibits selling away, which occurs when brokers sell securities to clients which are not offered by, and therefore not vetted and approved by, their member firm.

Jason Jodway has the following outside businesses listed on his detailed record

  • Financial Services of America – Insurance and Annuity Sales
  • The Heartland Group – Referral Partner for Oil and Gas Investments 
  • Alternative oil and gas investments — Making calls on behalf of clients 

What is broker negligence?

Many behaviors can qualify as broker negligence, from failing to conduct due diligence to engaging in unauthorized trading. Investors who feel their losses were caused by negligence may be able to recover their losses through FINRA arbitration.

Regulatory Action by the State of Michigan

On April 2, 2020, the State of Michigan entered an Administrative Consent Agreement and Order against Jason Jodway. The order alleged that Jason Jodway acted as an agent for two unnamed firms in the offering and sale of their securities to Michigan investors without agent registration or a properly-claimed exemption from registration, violating Section 402(1) of the Uniform Securities Act, Michigan Compiled Laws 451.2402(1).

As part of this order, Jason Jodway faced a fine of $10,000.

Uniform Securities Act, Michigan Compiled Laws

Section 451.2402 of the Uniform Securities Act defines the registration requirements for brokers operating in Michigan. Section 402(1) specifically requires that brokers maintain registration unless explicitly exempt under the other subsections.

Background Information

Jason Jodway has passed the following exams:

  • Series 66 – Uniform Combined State 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

In the past, he worked for the following firms:

  • Allstate Financial Services (CRD#:18272)
  • Securian Financial Services (CRD#:15296)
  • Valic Financial Advisors (CRD#:42803)
  • Banc One Securities (CRD#:16999)
  • Maximum Financial Investment Group (CRD#:40096)
  • First Investors Corporation (CRD#:305)

Kurta Law Can Help

If you worked with Jason Jodway and you have concerns about your investments, please contact us today at 877-600-0098 or 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 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.