by Admin Istrator | February 11, 2022 3:59 pm
Jan Haynes (CRD# 833875) has been sanctioned by the Financial Industry Regulatory Authority and named in a pending enforcement action by the California Department of Financial Protection and Innovation. According to his FINRA-maintained BrokerCheck report, last accessed on February 3, 2022, Mr. Haynes was most recently registered with Integrity Brokerage Services in La Jolla, California. He also operated through Haynes Financial Group in La Jolla.
Here are the allegations against Haynes, Apollo Institutional Income Fund and Apollo Institutional Tax Exempt Income Fund:
The October FINRA action may be connected to a case initiated by the California Department of Financial Protection and Innovation in December 2021. An accusation issued by the regulator charges that starting in or around 2015, Mr. Haynes offered and sold investment contracts to his clients, representing them as membership interests in funds known as the Apollo Institutional Income Fund and Apollo Institutional Tax Fund. He allegedly told his clients that these funds were managed by an entity called Apollo Global Management, which used them “to make short-term loans to third-parties and that clients could expect to make a profit as a result of their investment.”
Mr. Haynes allegedly took money from his clients under the pretense of investing them in these funds and gave clients periodic account statements updating them on their investments. In spite of this, the Department alleges, the funds in question “were not managed by Apollo Global Management” and the money his clients provided him were not invested in the funds. Instead, he allegedly used them “to pay business and personal expenses.”
The accusation charges that Mr. Haynes’ actions violated California securities rules and regulations. The Department is seeking to bar him from the investment industry. This action remains pending.
In October 2021 FINRA sanctioned Jan Haynes in connection to allegations he failed to respond to the regulator’s requests for information. The disclosure provides limited information about the nature of those requests, but states that the suspension will continue indefinitely until either the requested information is satisfied or the suspension converts into a bar.
FINRA records detail a number of customer complaints involving Mr. Haynes. Seven reached settlements, two concluded with awards to the customer, and one remains pending.
The pending complaint, filed in July 2021, alleges that Mr. Haynes made misrepresentations of material facts, recommended unsuitable investments, breached his fiduciary duty, and “engaged in potentially fraudulent activity with respect to certain investments.” The customer is seeking $589,862 in damages in the pending complaint, whose allegations have not been proven.
The seven settled complaints were filed between 1996 and 2021. They include allegations of unsuitable investment recommendations, breach of fiduciary duty, breach of contract, misrepresentations and omissions, negligence, unauthorized trading, churning, fraud, and elder abuse. The complaints settled for a cumulative total of more than $311,500.
Jan Haynes was most recently registered with Integrity Brokerage Services, Inc. Prior to that, he was registered with Centaurus Financial from 2010 to 2016. More information about Mr. Haynes employment history, including the customer complaints and FINRA action against him, is available via his BrokerCheck report.(The above-referenced information was accessed on February 3, 2022).
If you lost money with Apollo Income or Jan Haynes, call MDF Law at 800-767-8040 for a free consultation. Our dedicated broker fraud attorneys take all cases on contingency, which means we only collect a fee if you collect a recovery. You may have limited time to file a claim, so please call us today to speak with an attorney for free.
Source URL: https://mdf-law.com/jan-haynes/
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