Former CUNA Brokerage Services Financial Advisor, Stacy Cheney-Jamison, Barred By FINRA
The Wolper Law Firm is currently investigating claims against Stacy Cheney-Jamison, a former Financial Advisor at CUNA Brokerage Services in Boca Raton, FL. Stacy Cheney-Jamison has been in the securities industry since 2001 and previously worked at IFS Securities and First America Securities.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on July 27, 2018, FINRA sanctioned Daniel Flores, barring him from associating with any brokerage firm. The basis for the sanction is that Stacy Cheney-Jamison failed to respond to a FINRA issued subpoena, requesting information concerning her alleged participation in unauthorized private securities transaction, known in the industry as “selling away.”
The Financial Industry Regulatory Authority (FINRA) strictly prohibits financial advisors from “selling away” or selling securities and investments to clients that are not offered by the brokerage firm with which they are employed. For example, it is illegal and a violation of industry rules for a financial advisor to recommend or even suggest that a client invest in the financial advisor’s own business or a business operated by his or her friends or family. It is not necessary that the financial advisor earn any compensation for recommending an outside investment.
The purpose behind this prohibition is to ensure that a financial advisor only offers to sell securities that have been vetted by his or her employer brokerage firm through a rigorous due diligence process. Most brokerage firms have an approved list of investments, products, and research that can be provided or made available to clients. Any deviation by the financial advisor from the approved product list may constitute selling away.
Separately, in March 2018, a customer filed a complaint against Stacy Cheney-Jamison, alleging “breach of fiduciary duty,” “unauthorized trading” and violation of Georgia’s state securities statute. The alleged damages are $350,000 and the matter remains pending.
This sanction follows Daniel Flores’ termination by Woodbury for this same alleged misconduct. Separately, in May 2018, a customer filed a complaint against Daniel Flores for unauthorized and excessive trading.
To review a full copy of the FINRA sanction, click https://www.finra.org/sites/default/files/fda_documents/2017055219801%20Stacy%20Cheney-Jamison%20CRD%204318631%20AWC%20VA.pdf
To review a full copy of Stacy Cheney-Jamison’s FINRA disclosure report, click https://brokercheck.finra.org/individual/summary/4318631#disclosuresSection
If you or someone you know was a customer of Stacy Cheney-Jamison and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at firstname.lastname@example.org to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.
Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.