Florida Broker Fined and Suspended for Selling Away From Member Firm
Jason Nicholas Dukas (CRD #4188239) is a registered broker and investment adviser in Florida. From August of 2011 to July of 2017, Mr. Dukas was employed by Wells Fargo Clearing Services. Since August of 2017, he has been a representative of Stifel, Nicholas & Company Incorporated.
In May of this year, FINRA fined this broker $15,000 and suspended him from the industry for nine months for undisclosed private securities transactions. Below, our Miami selling away investments attorneys offer a more in depth review of the allegations raised against broker Jason Dukas.
Broker Sanctions: Financial Advisor Jason Dukas Formerly of Wells Fargo
Investigation Into Selling Away
Regulators launched an investigation into the conduct of former Wells Fargo broker Jason Dukas after allegations that he violated securities industry guidelines and his firm’s internal policies by selling away from his member firm. According to the Financial Industry Regulatory Authority (FINRA) the underlying misconduct at issue in this case occurred between October of 2016 and December of 2016, while Jason Dukas was a representative of Wells Fargo in Clearwater, Florida. Notably, Mr. Dukas was eventually terminated by the brokerage firm in the spring of 2017 because of the allegations.
Violative Conduct: Undisclosed Private Transactions
Under FINRA Rule 3280, any securities professional who is associated with a FINRA member firm is prohibited from participating in a private securities transaction without giving written, detailed notice to their broker-dealer. A brokerage firm must approve the proposed private transaction and, if it does, it will become responsible for providing oversight for the trade.
FINRA alleges that Mr. Dukas recommended a private securities transaction to one of Wells Fargo’s customers and facilitated the transaction. The investor wired money to an outside company and received a promissory note. The customer was a high net worth investor and the total value of the transaction was $1.5 million. FINRA notes that this broker’s conduct was a clear violation of securities industry regulations, but the agency also emphasizes that the customer did not complain about the transaction in question.
Former Wells Fargo Broker Fined and Suspended for Selling Away
After completing its inquiry into this broker’s actions, regulators determined sanctions were warranted. Without admitting or denying wrongdoing, former Wells Fargo Clearing Services broker Jason Nicholas Dukas consented to FINRA’s findings and its imposition of penalties. For selling away from his broker-dealer, Mr. Dukas has been fined $15,000 and suspended from the securities industry for nine months. The suspension runs from June 1st, 2020 until February 28th of 2021.
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