Jay R. Weiser (CRD#: 1511042) is a former broker and registered investment advisor (RIA). From June 2000 to June 2018, Mr. Weiser was employed at Despain Financial Corporation in Collinsville, Illinois.
He was eventually discharged by the brokerage firm following allegations that he sold unsuitable private securities to investors.
On January 17th, 2019, FINRA barred Jay R. Weiser from the industry after he failed to cooperate with an investigation into the allegations against him (Letter of Acceptance, Waiver and Consent No. 2018038604101).
Broker Misconduct: Jay R. Weiser
Former Despain Financial Corporation broker Jay R. Weiser was terminated after his firm determined that he sold unsuitable, unapproved private securities to several customers. Specifically, the allegations stem from his sales of Woodbridge promissory notes and Future Income Payments, LLC. Woodbridge has been exposed as a Ponzi scheme. Further, regulatory action has been taken against Future Income Payments for its fraudulent and illegal practices.
FINRA launched its own inquiry into the allegations against Mr. Weiser. However, he declined to cooperate with the investigation. Under FINRA Rule 8210, registered representatives are compelled to provide documents and/or testimony to investigators upon request. Without admitting to wrongdoing, Mr. Weiser consented to FINRA’s sanctions, including a bar from the industry in all capacities.
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