Jay Geaslen Allegedly Recommended an Unsuitable Non-Traded REIT

Jay Geaslen (CRD #: 2124281), a broker registered with Avantax Investment Services, is the subject of an investor dispute. This disclosure appears on his BrokerCheck record, accessed on October 18, 2024. Keep reading if you have questions regarding his alleged conduct. 

Investor Allegations 

On September 30, 2024, investors alleged that Jay Geaslen recommended unsuitable investments, including leveraged structured notes and a non-traded REIT. The investor is seeking $500,000. 

Jay Geaslen has two previously settled investor disputes on his record. 

What Are REITs?

Real estate investment trusts (REITs) allow investors to generate returns from a portfolio of real estate without being directly involved in property management. However, REITs tend to be illiquid, which makes them unsuitable for many investors. Non-traded REITs are especially risky because they are not traded on the public exchange, making them difficult or impossible to sell. 

What is an Unsuitable Investment? 

FINRA Rule 2111, a.k.a. The Suitability Rule, requires brokers to tailor their investment recommendations to suit investors’ needs. 

Rule 2111 also requires brokers to consider the following investor characteristics: 

• Age
• Risk tolerance
• Time horizon (i.e., how long the investor plans to hold the investment)
• Investing experience
• Tax status
• Financial goals

Investments that do not fit the criteria established by the investor profile may be unsuitable. Investors who rely on brokers for recommendations may recover their losses by pursuing FINRA arbitration.

Background Information 

Jay Geaslen has passed the following exams: 

• Series 65 Uniform Investment Adviser Law Examination 
• Series 63 Uniform Securities Agent State Law Examination 
• Series 62 Corporate Securities Limited Representative Examination 
• SIE – Securities Industry Essentials Examination 
• Series 7 General Securities Representative Examination  
• Series 22 Direct Participation Programs Representative Examination 
• Series 6 Investment Company Products/ Variable Contracts Representative Examination 
• Series 24 General Securities Representative Examination 

He is a registered broker in 23 states and is a registered investment adviser in Florida, Georgia, and Texas. 

During his 31 years of experience, Jay Geaslen has registered with six firms: 

• Avantax Investment Services (CRD #: 13686)
• Avantax Advisory Services (CRD #: 104556) 
• Ameriprise Financial Services (CRD #: 6363) 
• Merrill Lynch, Pierce, Fenner & Smith (CRD #: 7691) 
• Chubb Securities Corporation (CRD #: 3870) 
• Cigna Financial Advisors (CRD #: 145) 

Kurta Law Can Help 

If you worked with Jay Geaslen and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or email 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 that 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. Do not let securities fraud go unchecked. Start your recovery process today.