Jay Jaroensabphayanont Allegedly Failed to Comply with Arbitration Award
Jay Jaroensabphayanont (CRD #: 5393272), a broker formerly registered with Voya Financial Advisors, has been both suspended and barred by FINRA, according to his BrokerCheck record, accessed on April 20, 2023. Read on to learn more about his alleged conduct as a broker.
FINRA Suspension
On February 8, 2023, Jay Jaroensabphayanont received a Letter of Suspension alleging that he failed to comply with an arbitration award/settlement agreement or satisfactorily respond to FINRA’s request for information about the status of his compliance.
His suspension took effect on the same date and will continue until the required payment is made or discharged.
2022 Arbitration
On May 1, 2022, multiple investors filed a dispute against Jay Jaroensabphayanont, alleging that he violated the Securities Act of Washington and the Washington Unfair Business Practices – Consumer Protection Act. They further alleged that he acted negligently and made unsuitable investment recommendations with regard to structured debt and structured index-linked investments.
An arbitration award obligated Jay Jaroensabphayanont to pay a total of $31,125 in compensatory and punitive damages and $16,855.84 in interest, as well as additional attorney’s fees and costs. You can read the arbitration award here.
FINRA 9554
FINRA Rule 9554 penalizes brokers for failing to comply with arbitration awards or settlements by suspending or canceling their registration. Brokers can request a hearing within 21 days, after which their suspension or cancellation becomes final.
FINRA Rule 2111
FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile, which describes characteristics such as their risk tolerance, tax status, and age.
Investors who rely on brokers for recommendations may be able to recover their losses by seeking out FINRA arbitration.
What are Blue Sky Laws?
Blue sky laws are state-level regulations that provide investors with an additional layer of protection against securities fraud. They frequently also define what investments qualify as securities in the state.
What is broker negligence?
Brokers may act in many negligent ways, ranging from unsuitable investment recommendations to unauthorized trading.
Investors who feel their losses are the result of broker negligence may be able to recover their funds through FINRA arbitration.
Washington Regulatory Action
On September 28, 2021, the State of Washington Department of Financial Institutions, Securities Division, ordered Jay Jaroensabphayanont (dba NMJ Group) to cease and desist from violations of the Securities Act of Washington.
The Division alleged that he violated the anti-fraud provisions of the Securities Act with regard to the sale of at least $200,000 of promissory notes made to six Washington investors.
Additionally, the Division alleged that Jay Jaroensabphayanont also engaged in dishonest and unethical practices by deceiving investors, selling away, and borrowing funds from a client.
Besides ordering him to cease and desist, the Division also fined Jay Jaroensabphayanont $60,000, denied his registration in the state, and ordered him to pay an additional sanction of $5,000.
FINRA Rule 2010
FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.
FINRA Rule 2020
FINRA Rule 2020 bans the use of fraudulent tactics, like deception or manipulation, as they relate to the purchase and sale of securities.
FINRA Rule 3280
FINRA Rule 3280 requires brokers to provide written notice to their firm before engaging in private securities transactions.
FINRA Rule 3240
FINRA Rule 3240 describes the circumstances under which brokers may borrow from or lend to clients.
Bar by FINRA
On September 1, 2020, FINRA suspended Jay Jaroensabphayanont for allegedly failing to respond to a request for information. His suspension converted to a bar on December 4, 2020.
FINRA Rule 9552
FINRA Rule 9552 penalizes members who fail to provide documents, information, or testimony requested by FINRA with a suspension. This suspension converts to a bar if the member fails to request an end to their suspension within three months.
Background Information
Jay Jaroensabphayanont has passed the following exams:
- 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
He previously worked for Voya Financial Advisors (CRD#:2882) and Intersecurities (CRD#:16164).
Kurta Law Can Help
If you worked with Jay Jaroensabphayanont 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 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.
Loading...
Reload document 
Open in new tab