Jason Reed Nelson, a former LPL Financial representative in Tremonton, Utah, has been barred by FINRA over failing to cooperate with an investigation into alleged misconduct involving misrepresentations of customer information related to annuity purchases.
According to the Financial Industry Regulatory Authority, Nelson (CRD# 4824535) has been barred from the securities industry as of June 6, 2019. He had been employed by LPL Financial, LLC in Tremonton since 2013.
FINRA’s BrokerCheck indicates Nelson was barred for refusing to provide testimony when requested by regulators. The investigation concerned the allegations of misrepresentations during his time at LPL. In January 2018, Nelson was discharged from LPL Financial over allegations that he misrepresented client financial information in connection with annuity purchases to the brokerage firm. The purchases concerns both fixed and variable annuities.
Brokers are obligated to provide complete and factual information about any investment purchase or sale they recommend to their customers. You can learn more about the inappropriate sale of annuities here. If those recommendations come with incomplete or inaccurate representations from the brokers, brokerage firms may be held liable for losses resulting from the illegal sales.
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