Jay Tomlinson, with R.F. Lafferty & Co., Suspended by FINRA
Have you lost money with financial advisor Jay Tomlinson (CRD #: 2680269)? We are looking into allegations made about Jay Clint Tomlinson from New York, New York. FINRA (the Financial Industry Regulatory Authority) suspended him from the securities industry for three months and fined him $7,500. FINRA alleged that Tomlinson improperly engaged in unauthorized discretion in three customers’ accounts without written authority to do so.
FINRA alleged that Tomlinson engaged in a high frequency trading strategy that focused on pharmaceutical stocks. He was under heightened supervision at the time that forbade him from placing discretionary trades in customer accounts.
Jay Tomlinson has been a financial advisor and registered representative of R.F. Lafferty & Co. from April 2013 to the present. He worked in a branch office in New York, New York. Tomlinson was also previously the subject of a $2 million tax lien in 2013.
Brokerage firms like R.F. Lafferty & Co. have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms 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; Seattle, Washington; Ann Arbor, Michigan; and Phoenix, Arizona. We represent investors in FINRA arbitration proceedings in all 50 states, including throughout New York. Our attorneys have represented over one thousand investors against many brokerage firms in the past.