Securities Arbitration Lawyer Blog
The Financial Industry Regulatory Authority (“FINRA”) has suspended financial advisor Jason Seale from the securities industry for 15 business days. Mr. Seale consented to the suspension after FINRA alleged that, while associated with American Wealth Management, Inc. in Novato, CA, he engaged in discretionary trading without written authorization in four customer accounts between February 2016 and December 2018. FINRA also fined Mr. Seale $5,000.
Customers of Mr. Seale or American Wealth Management, Inc. who have suffered financial losses, or suspect that Mr. Seale did not have their best interest in mind when recommending investments or making account transactions, can contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential consultation and review of their legal rights.
Iorio Altamirano LLP represents investors that have disputes with their financial advisors or brokerage firms, such as American Wealth Management, Inc.
FINRA Letter of Acceptance, Waiver, and Consent No. 2019063334201
FINRA and Mr. Seale entered into a Letter of Acceptance, Waiver, and Consent on August 11, 2021, after FINRA alleged that between February 2016 and December 2018, while associated with American Wealth Management, Mr. Seale effected more than 60 trades in four customer accounts using discretion without the customers’ prior written authorization and without the firm accepting these accounts as discretionary in writing. As a result, Mr. Seale violated NASD Rule 2510(b) and FINRA Rule 2010.
Unauthorized trading often occurs in non-discretionary accounts, where a customer retains discretion. In non-discretionary accounts, brokers must obtain a customer’s permission every time before placing a trade.
Unauthorized trading is an unethical and illegal practice. It is also a violation of securities rules and regulations and can cause enormous harm to customers.
Financial Advisor Jason Lee Seale III (CRD No. 1874548)
Jason Lee Seale has 32 years of experience in the securities industry and has been associated with the following firms:
- American Wealth Management, Inc. in Novato, CA, from January 2002 to the present.
- Raymond James Financial Services, Inc. in St. Petersburgh, FL, from January 1999 to January 2002.
- Robert Thomas Securities, Inc. in St. Petersburg, FL, from August 1995 to January 1999.
- PaineWebber Incorporated in Weehawken, NJ, from July 1989 to July 1995.
- Baraban Securities, Inc. in Los Angeles, CA, from June 1989 to July 1989.
In 2008, Mr. Seale was suspended by FINRA for ten business days after FINRA alleged that he had sent letters to a public customer that had not been reviewed or approved by American Wealth Management, Inc. The letters allegedly contained misleading information, unbalanced statements, and lacked required disclosures.
According to his public disclosure report with FINRA, Mr. Seale has been the subject of at least eight customer disputes, which have included allegations of suitability, churning, and misrepresentations and omissions.
Investors who have disputes with their financial advisors and brokerage firms can file securities arbitration claims to resolve the disputes and seek recovery of investment losses.
FINRA’s BrokerCheck tool can be used to obtain Mr. Seale’s complete and updated disclosure report.
American Wealth Management, Inc. – A Duty to Supervise
Financial institutions like American Wealth Management, Inc. must properly supervise financial advisors and customer accounts. Brokerage firms must establish and maintain a reasonably designed system to oversee account activity to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to supervise its financial advisors or the investment account activity sufficiently, it may be liable for investment losses sustained by customers.
How to Recover Financial Losses or Obtain a Free Consultation
If you have suffered investment losses with Jason Seale or American Wealth Management, Inc. or suspect other inappropriate activity occurred in your investment or retirement account, 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 review of your legal rights.
Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. Iorio Altamirano LLP pursues FINRA claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by stockbrokers and brokerage firms.
Iorio Altamirano LLP is a bilingual law firm, fluent in both English and Spanish.