Securities Arbitration Lawyer Blog
FINRA has barred stockbroker David A. Jenson from the securities industry. FINRA has barred Mr. Jenson from associating with any FINRA member firm in any capacity because Mr. Jenson refused to provide information and documents connected with FINRA’s investigation into whether Mr. Jenson recommended customers invest in an unsuitable concentration of church bonds. Mr. Jenson has been a financial advisor at Great Nation Investment Corporation in Amarillo, Texas, since September 2006.
If you have suffered financial losses investing with David A. Jenson or suspect that Mr. Jenson did not have your best interest in mind when recommending investments, including church bonds, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account or annuity contract.
Iorio Altamirano LLP represents investors that have disputes with their financial advisors or brokerage firms, such as Great Nation Investment Corporation.
FINRA Letter of Acceptance, Waiver, and Consent No. 2019060783601
David A. Jenson and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on January 22, 2021, after Mr. Jenson refused to provide information and documents in connection with FINRA’s investigation into whether Mr. Jenson recommended customers invest in an unsuitable concentration of church bonds.
Overconcentration is often the result of a stockbroker making unsuitable investment recommendations to an investor. A stockbroker’s failure to diversify an investment portfolio increases the risk that the investor will suffer losses in their account. The goal of diversification is straight-forward: spreading out investment risk to minimize the risk of loss.
On December 18, 2020, in connection with the investigation, FINRA sent a request to Mr. Jenson to produce information and documents pursuant to FINRA Rule 8210. Mr. Jenson reportedly stated during a phone call with FINRA on December 18, 2020, that he would not provide the requested information or documents at any time.
By refusing to provide the information or documents, Mr. Jenson violated FINRA Rule 8210. Accordingly, FINRA barred him from associating with any broker-dealer in all capacities.
Financial Advisor David A. Jenson (CRD# 1333734)
David Jenson has 33 years of experience in the securities industry. He was employed and registered by the following brokerage firms:
- Great Nation Investment Corporation in Amarillo, Texas from September 2006 until December 2020.
- CND Financial LTD. in Schertz, Texas from August 2005 until September 2006.
- California Plan of Church Finance Inc. in Fresno, California from May 2004 until August 2005.
- Great Nation Investment Corporation in Amarillo, Texas from April 1998 until May 2004.
- Crispin Koehler Securities in Tampa, Florida from March 1997 until March 1998.
- B. Culbertson and Company in Fort Worth, Texas from September 1992 – March 1997.
- Delta First Financial, Inc. in Altamonte Springs, Florida from April 1991 – June 1992.
- Merrill Lynch, Pierce, Fenner & Smith Incorporated from September 1987 – May 1990.
- Jefferson-Pilot Investor Services from December 1985 – July 1987.
- Waddell & Reed, Inc. from September 1985 – December 1985.
Great Nation Investment Corporation – Supervisory Duties
Brokerage firms like Great Nation Investment Corporation must properly supervise financial advisors and customer accounts. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity, such as suitable investment recommendations and overconcentration risks, to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to supervise their financial advisors or the investment account activity sufficiently, they may be liable for investment losses sustained by customers.
How to Recover Financial Losses or Free Obtain a Free Consultation
Securities arbitration is a unique and complex practice area. Investors should seek out experienced counsel who understands the FINRA forum and can navigate the arbitration process to effectively advocate on their behalf.
If you or a loved one were a customer of David Jenson and either sustained financial losses or suspect inappropriate activity, contact New York securities arbitration attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (855) 430-4010 for a free and confidential evaluation of your account.
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. Iorio Altamirano LLP pursues FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by stockbrokers and brokerage firms.