Securities Arbitration Lawyer Blog
FINRA has suspended former LPL Financial LLC broker Jason Howell Poff from the securities industry. According to an Office of Hearing Officers (“OHO”) order, Poff engaged in two outside business activities without his firm’s approval.
Poff’s suspension began on June 7, 2021, and is scheduled to end on September 6, 2021. He was also fined $5,000.
If you have lost money with Jason Howell Poff, or LPL Financial LLC, contact FINRA arbitration lawyers Iorio Altamirano LLP for a free and confidential evaluation of your account.
FINRA Disciplinary Proceeding No. 2018058501502
FINRA’s Enforcement filed a Complaint on December 23, 2020, alleging that, from February 2016 through February 2018, while registered with FINRA through LPL Financial LLC, Poff engaged in two undisclosed and unapproved outside business activities through a business that he owned and operated.
The OHO order indicates that, in February 2016, Poff disclosed Ursus Consulting LLC, a Texas company that he solely owned, to LPL and sought approval from LPL to engage in vending machine consulting through the company. Upon review, LPL denied approval. Nevertheless, Poff, through Ursus Consulting, served as a loan officer with the expectation of compensation for an entity that was operated by two individuals whom the Securities and Exchange Commission (SEC) had previously charged with fraud. Poff never disclosed this activity to LPL, nor did LPL approve it.
In 2017 and 2018, Poff performed work with the expectation of compensation through Ursus Consulting for an individual who was establishing a family investment office. Poff did not make any additional disclosures to, or receive approval from, LPL.
By engaging in undisclosed and unapproved outside business activities, Poff violated FINRA Rules 3270 and 2010. In addition, Poff falsely attested to LPL on annual firm compliance questionnaires in August 2016 and September 2017 that he had disclosed all outside business activities to the firm and that he was not engaging in any activity for outside business activities that were not approved, including Ursus Consulting.
By making false attestations to a member firm, Poff violated FINRA Rule 2010, which requires members and associated persons, in conducting their business, to “observe high standards of commercial honor and just and equitable principles of trade.”
On May 8, 2018, LPL filed a Form U-5 (Uniform Termination Notice of Securities Industry Registration) disclosing that Poff voluntarily resigned from LPL while he was under internal review for violating firm policy regarding outside business activities.
The OHO decision was published on May 13, 2021.
Jason Howell Poff (CRD#: 4078570)
Poff has 20 years of experience in the securities industry and was registered as a broker with LPL Financial LLC in Houston, TX, between January 2014 and May 2018. He was most recently registered with Allstate Financial Services, LLC between June 2018 and May 2021 and was discharged following FINRA’s suspension and fine.
How to Recover Losses or Obtain a Free Consultation
If you have lost money with Jason Howell Poff, or LPL Financial LLC, contact FINRA arbitration lawyers August Iorio and Jorge Altamirano of Iorio Altamirano LLP at august@ia-law.com, jorge@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. We pursue FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by financial advisors and brokerage firms.