Jason Edward Seurer, of Milbank, South Dakota, a stockbroker formerly registered with Edward Jones, has been penalized $7,500.00 and suspended for eighteen months by The State of South Dakota Division of Securities based upon Seurer consenting to findings that he sold away from his firm via his promissory note investment transactions. (Jan. 19, 2017).

Previously, Seurer was fined $10,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he effected private securities transactions while associated with Edward Jones. Letter of Acceptance, Waiver and Consent, No. 2011027116501 (Aug. 30, 2012).

According to the AWC, Seurer referred four of Edward Jones’ customers to a company, Gibraltar Partners, Inc, which offered private placement investments to the customers. Seurer reportedly recommended that customers purchase promissory notes offered by the company, which resulted in the four customers’ aggregate investment of $1,475,000.00. Apparently, $25,000.00 in commissions were paid to Seurer in connection with the transactions. The AWC stated that Edward Jones was never apprised of Seurer’s participation in the private securities transactions, and the firm had policies which prohibited the facilitation of the transactions without approval. FINRA found that Seurer’s conduct was violative of FINRA Rule 2010 and NASD Rule 3040.

FINRA Public Disclosure reveals that Seurer has been identified in six customer initiated investment related disputes containing allegations of his misconduct while employed with Edward Jones. Particularly, on May 10, 2011, a customer initiated investment related written complaint involving Seurer’s conduct was settled for $475,000.00 in damages based upon allegations that the customer invested in promissory notes in Gibraltar Partners, Inc. pursuant to Seurer’s recommendations, in which the customers were unable to receive the return on their investment after bad checks were issued.

Subsequently, on May 9, 2011, a customer initiated investment related written complaint regarding Seurer’s activities was resolved for $415,000.00 in damages based upon allegations that the customers invested in a promissory note which Seurer claimed was risk free, wherein customers were not provided the return of principal when due. Between October 10, 2011, and September 23, 2011, two additional customer initiated investment related complaints involving Seurer’s conduct were resolved for a total $800,000.00 in damages based upon allegations that customers sustained investment losses due to promissory notes which Seurer recommended and claimed would be secure.

Further, on August 9, 2011, a customer initiated investment related written complaint regarding Seurer’s activities was resolved for $10,000.00 in damages based upon allegations that customer purchased eight thousand shares of bank stock, CBONQ, pursuant to Seurer’s faulty advice, where the entity subsequently filed for bankruptcy.

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