Broker Steven Jay Jacobson Subject to Multiple Customer Complaints

By February 1, 2021 February 4th, 2021 Investment Fraud

Steven Jay Jacobson, a former broker with Ameriprise Financial and Raymond James, has been the subject of multiple customer complaints involving allegations of unauthorized trading, churning, improper use of options and margin, and wrongful conversion.

In December 2019, one of Jacobson’s former customers filed a complaint against Jacobson in a FINRA Arbitration proceeding.  The customer alleges that Jacobson—making all investment decisions for the customer’s accounts—engaged in speculative trading through the use of options, churned the customer’s account (excessive buying and selling to generate commissions), and unnecessarily used margin (borrowed money) in the customer’s account to increase his buying power and ability to earn commissions.

According to the Financial Industry Regulatory Authority (FINRA), in September 2018, another customer filed a lawsuit against Jacobson in New Orleans, alleging that Jacobson wrongfully converted funds and breached his fiduciary duties from May 2015 to September 2016.  The report further reflects that in or around July 2010, another customer alleged that Jacobson made misrepresentations in connection with the sale of auction rate securities.

In September 2016, two of Jacobson’s former customers filed lawsuits against Jacobson in New Orleans, alleging that Jacobson engaged in authorized discretionary trading in their accounts and that Jacobson speculatively traded puts and calls in their accounts.

Steven Jay Jacobson was a registered representative of Ameriprise Financial Services in Metairie, Louisiana from September 2014 to October 2019 (when he was terminated).  Prior to that, Jacobson was a registered representative of Raymond James & Associates in Metairie, Louisiana from February 2013 to September 2014.  Steven Jay Jacobson is not currently registered with a FINRA member firm but was most recently associated with 360 Wealth Management and Faubourg Private Wealth in Metairie, Louisiana.

If you or someone you know invested money through Steven Jay Jacobson, Fishman Haygood’s team of experienced securities litigators may be able to help. Our firm has helped hundreds of clients recover their losses due to broker fraud or negligence.

Fishman Haygood Investment Fraud Lawyers represents investors who have suffered investment losses in claims against their brokers or financial advisors. Our experienced attorneys have brought securities fraud cases in state and federal courts across the nation, as well as in FINRA arbitration. We work to help investors recoup their losses.

Of course, all cases are different. For that reason, we analyze each client’s matter individually and provide our personalized evaluation only after considering all of the facts and circumstances of all possible claims. If you or someone you know is the victim of securities fraud, please contact a Fishman Haygood Investment Fraud lawyer today.