Jay Geaslen, Avantax Broker, Allegedly Sold Unsuitable REIT
Jay Geaslen (CRD# 2124281), a broker registered with Avantax, recommended unsuitable investments, according to an investor dispute. MDF Law is investigating the Atlanta, Georgia-based financial professional for similar conduct. If you have concerns about investments in your accounts, call us to speak with an attorney for free.
The following post contains additional information about the disputes involving Mr. Geaslen. The details herein are based on a November 22, 2024 review of his BrokerCheck profile, a Financial Industry Regulatory Authority resource.
Pending Dispute Seeks 6-Figure Damages
On September 30, 2024, an investor lodged a dispute alleging that Mr. Geaslen recommended unsuitable investments. Specifically, the dispute alleged that these recommendations included leveraged structured notes and a non-traded real estate investment trust (REIT). The claim, which is still pending, seeks $500,000 in alleged damages.
Past Dispute Concerned Reverse Convertible Note
The above-described pending dispute is not the only one in Mr. Geaslen’s history. Between 2013 and 2024, two other parties of investors filed claims involving his conduct. One alleged that he misrepresented the risk associated with a reverse convertible note; the other, that he failed to follow instructions. His former member firms settled the claims for a total of $90,000.
Florida Sanction Alleged Rule Violation
On September 17, 2024, the Florida Office of Financial Regulation announced a regulatory action against Mr. Geaslen. The action stemmed from allegations that he “[r]endered investment advice, from a location within Florida, without being registered by the Office.” Without admitting to or denying the allegations, Mr. Geaslen consented to the entry of the findings. The Office has since approved his application for registration as an investment adviser in the state.
FINRA: Jay Geaslen Based in Atlanta, Georgia
Mr. Geaslen started working as a broker in 1991. That year, he registered with Cigna Financial Advisors in Radnor, Pennsylvania. He went on to work at a number of firms, including Merrill Lynch and Ameriprise Financial Services. He joined his current member firm, Avantax, in 2022, and is based at its office in Atlanta, Georgia. As his BrokerCheck record reflects, he is also a representative of Legacy Capital Advisors. With 31 years of experience as a broker, he has completed eight industry exams, including the Series 62 and the Series 6.
REIT Losses? Call MDF Law for a Free Consultation
If you have complaints regarding REITs, reverse convertible notes, or other investments recommended by Jay Geaslen, contact MDF Law for a free consultation. Our investment fraud attorneys take cases on contingency, which means we only receive a fee when clients win their cases. You may have limited window to file a claim, so please call us today at 800-767-8040.