Jeffrey Drost Barred for Failing to Provide Information for FINRA Investigation
Jeffrey Drost (CRD #: 4489021), a broker and investment adviser formerly registered with Raymond James Financial Services has been barred by FINRA, according to his BrokerCheck Record accessed on November 11, 2021. According to FINRA’s allegations, Jeffrey Drost refused to provide information and documents requested by FINRA, in violation of FINRA Rules 8210 and 2010. Keep reading for more information.
FINRA Letter of Acceptance, Waiver, and Consent Agreement
On August 27, 2021, Jeffrey Drost entered into an Acceptance, Waiver, and Consent agreement (AWC) following allegations that he refused to provide information and documents requested by FINRA, in violation of FINRA Rules 8210 and 2010.
On July 29, 2021, FINRA requested that Jeffrey Drost provide information and documents in connection with FINRA’s investigation of his alleged unauthorized borrowing from customers.
According to FINRA, the matter originated from its investigation of the Form U5 filed by Raymond James Financial Services, Inc on behalf of Jeffrey Drost.
On August 6, 2021, Jeffrey Drost reportedly provided a partial but incomplete response to FINRA’s initial request. On August 13, 2021, FINRA issued a second request, in accordance with FINRA Rule 8210, requesting the same information and documents. Jeffrey Drost allegedly provided another partial but incomplete response to this request.
By refusing to produce all the information and documents requested in accordance with FINRA Rule 8210, Jeffrey Drost also violated FINRA Rule 2010.
A violation of FINRA Rule 8210 is also a violation of FINRA Rule 2010, which requires member firms and their associated persons to “observe high standards of commercial honor and just and equitable principles of trade.”
You can read a copy of the AWC here.
Jeffrey Drost Employment Termination Details
On April 1st, 2021, Jeffrey Drost was discharged from his position at Raymond James Financial Services following allegations that he obtained loans from clients, including clients who were also family members, without disclosure or prior approval in violation of firm policy and industry rules.
Jeffrey Drost Background Information
Jeffrey Drost 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
Jeffrey Drost has worked for the following firms:
- Raymond James Financial Services, INC. (CRD#:6694)
- Ameriprise Financial Services, INC. (CRD#:6363)
- Investment Professionals, INC. (CRD#:30184)
- The Lincoln National Life Insurance Company (CRD#:2580)
- Lincoln Financial Advisors Corporation (CRD#:3978)
Kurta Law Can Help
If you have been victimized by Jeffrey Drost, please contact us today at 877-600-0098 or email@example.com for a free consultation.
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