Jonathan Ellefson Facing Six-Figure Investor Dispute

Jonathan Ellefson (CRD #: 1625977), a broker registered with Intervest International Equities Corporation, is involved in a pending dispute, according to his BrokerCheck record, accessed on August 28, 2022. Keep reading if you want to know more about his conduct as a broker.

Investor Disputes

On June 28, 2022, multiple investors filed a dispute alleging that Jonathan Ellefson breached his contract, failed to supervise, made material misrepresentations, omitted material information, violated several unspecified FINRA rules, and violated the suitability requirement. They seek $373,000 in this pending dispute.

A dispute filed on June 10, 2019, alleged that Jonathan Ellefson sold unsuitable products. The client received a settlement of $145,000.

Another dispute, filed on February 14, 2017, alleged that Jonathan Ellefson’s sale of various ICON investments was unsuitable. The client sought $350,000 and received a settlement of $125,000.

FINRA Rule 3110

Failure to supervise violates FINRA Rule 3110, which requires that firms establish supervisory systems to ensure their regulatory compliance. Among other things, firms must make sure their supervisors have the appropriate training or experience for their roles.

FINRA Rule 2020

FINRA Rule 2020 bans the use of manipulation, deception, and other unethical means of influencing investors’ decisions. This includes the misrepresentation or omission of information, such as an investment’s potential returns, risks, or limitations.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to tailor their investment recommendations to suit investors’ profiles, which describe clients’ age, risk tolerance, and other characteristics.

Investors who rely on brokers for recommendations may be able to recoup their losses by pursuing FINRA arbitration.

Background Information

Jonathan Ellefson has passed the following exams:

• Series 65 – Uniform Investment Adviser Law Examination
• Series 63 – Uniform Securities Agent State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination
• Series 24 – General Securities Principal Examination

Jonathan Ellefson is a registered broker in 12 states and a registered investment adviser in Louisiana and Texas.

He has also worked for American Express Financial Advisors (CRD#:6363).

Kurta Law Can Help

If you worked with Jonathan Ellefson 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.