South Florida Arbitration & Litigation Lawyer Blog
South Florida Securities Fraud, Misrepresentation and Mismanagement Attorney, Russell L. Forkey, Esq.
May, 2011
Michael Steven Jacobson (CRD #2042591, Registered Representative, Coral Springs, Florida, formerly licensed with Princor Financial Services Corporation and Met Life Securities) submitted a Letter of Acceptance, Waiver and Consent in which he was fined $5,000 and suspended from association with any FINRA member in any capacity for 18 months. The fine must be paid either immediately upon Jacobson’s reassociation with a FINRA member firm following his suspension, or prior to the filing of any application or request for relief from any statutory disqualification, whichever is earlier. Without admitting or denying the findings, Jacobson consented to the described sanctions and to the entry of findings that he sold EIAs outside the scope of his employment relationship with a member firm, and received approximately $488,266.41 in compensation. The findings stated that Jacobson failed to give prompt written notice to his firm of his outside business activity and represented on annual certification statements and/or outside business activity forms that he was either not engaged in outside business activity or had previously disclosed such activity; these representations were false. The findings also stated that despite a specific verbal warning from his firm to discontinue selling EIAs outside his firm’s agency, he continued to do so despite the firm’s specific prohibition against doing so in its WSPs. The suspension is in effect from April 4, 2011, through October 3, 2012. (FINRA Case #2009017282401).
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