UPDATE! JAY WEISER of DesPain Financial Barred – Earlville, IL
Jay Weiser, formerly with DesPain Financial Corp., Barred by FINRA
Have you lost money with financial advisor Jay Weiser from Earlville, Illinois investing in Woodbridge? We are looking into allegations made FINRA (the Financial Industry Regulatory Authority) against Jay R. Weiser. Weiser was barred from the securities industry by FINRA after he failed to respond to an investigation that he sold investments in the Woodbridge Group of Companies and Future Income Payments, LLC.
We previously blogged about a complaint made by the Illinois Securities Department against Jay Weiser. Weiser was being investigated regarding allegations that he sold investments in the Woodbridge and Future Income Payments (FIP). Woodbridge recently filed for bankruptcy, and investors will likely suffer substantial losses. Illinois alleged that Weiser sold nearly $800,000 in Woodbridge investments to investors, and that Weiser failed to do adequate due diligence into these notes.
Weiser was also alleged to have sold over $600,000 in investments in Future Income Payments, LLC, which were purported structured cash flow investments. Illinois alleged that Weiser failed to do adequate due diligence into FIP.
Jay Weiser was a registered representative and financial advisor with DesPain Financial Corp. from 2000 to June 2018. He worked out of branch offices in Earlville and Collinsville, Illinois. He also owned Weiser Financial in Earlville.
Broker-dealers like DesPain Financial Corp. have a responsibility to adequately supervise all representatives who are registered through their firm, including investments sold by their registered representatives. Broker-dealers also must take steps to ensure that their financial advisors follow all securities rules and regulations. When broker-dealers fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; Ann Arbor, Michigan; and Seattle, Washington. We represent investors in FINRA arbitration in all 50 states, including over 150 investors in the past from throughout the Chicagoland area, Northern Illinois, and Central Illinois.
Attorney David Neuman was born in Berwyn, Illinois and grew up in the western suburbs in Addison. He earned a degree in Finance at the University of Illinois in Urbana-Champaign before earning his law degree at Northern Illinois University in DeKalb. Mr. Neuman also previously worked for a number of Chicago area law firms, including firms in St. Charles, Geneva, Chicago, and Barrington.
Click to view: Weiser, Jay BrokerCheck 12.28.18 (1)
Click to view: Weiser, Jay Illinois Complaint
Click to view: Weiser, Jay FINRA AWC
Read Related Article: COMPLAINTS Against JAY WEISER, Woodbridge, and FIP
If you have lost money with Jay Weiser or DesPain Financial Corp., and want to hear about ALL legal options, please visit https://www.israelsneuman.com/ or call us at 720-599-3505.