Jennifer Basey Allegedly Paid Customers over Trading Complaint
Jennifer Basey (CRD# 4730054), a broker registered with American Global Wealth Management, resigned from Stifel Nicolaus & Company after acknowledging that she paid cash to customers who complained about their investments. MDF Law is investigating the McDonough, Georgia-based financial professional for similar conduct. Investors with concerns about their accounts should contact us as soon as possible.
To learn more about the circumstances surrounding Ms. Basey’s departure from Stifel Nicolaus, continue reading this post. The following information can be found in her BrokerCheck profile, a Financial Industry Regulatory Authority (FINRA) record accessed on December 26, 2023.
Stifel Nicolaus Resignation Concerned Payment Allegations
Ms. Basey voluntarily resigned from Stifel Nicolaus & Company on November 6, 2023, according to a disclosure on her BrokerCheck profile. As this disclosure describes, the firm received and denied a customer dispute in September 2023. The dispute alleged that she “made assurances that investments were safe and had customer invest in preferred stocks over par without customer’s consent, which resulted in losses.”
Later, on November 2nd, a lawyer representing the customers alleged that Ms. Basey “paid them in cash to keep quiet.” Ms. Basey “acknowledged that she paid cash to the customers” before she resigned, according to the disclosure. She allegedly made this payment in June 2023 “as reimbursement for commissions the customers paid.” After she resigned from the firm, the customers’ attorney informed Stifel Nicolaus that she had “paid cash to the customers” on a previous occasion in 2021.
FINRA Suspended Jennifer Basey over Forgery Allegations
FINRA sanctioned Ms. Basey in March 2020, according to a disclosure on her BrokerCheck profile. As alleged in the regulator’s findings, she forged customer initials on certain documents “to facilitate her customers’ transfers of funds.” She signed one customer’s name on a transfer authorization form with the customer’s consent, according to FINRA. She also allegedly signed the initials of two other customers on a transfer form without their consent. The latter two customers “subsequently ratified [her] conduct in writing,” however. FINRA found that her conduct violated her firm’s requirement that representatives “take reasonable steps to ensure customer signatures were original and authentic.” It suspended her for a period of two months and fined her $5,000.
Past Disputes Alleged Investment Issues
In addition to the above-described disciplinary actions, Ms. Basey’s background includes customer disputes that her former member firm settled. The disputes in question were filed between 2009 and 2013. One alleged that she recommended a highly leveraged strategy that resulted in avoidable costs; the other, that she failed to inform the customer an investment could decline in value. Her former member firm settled the disputes for more than $40,000 in total.
FINRA: Basey Based in McDonough, Georgia
Jennifer Basey launched her career as a broker in 2004. That year, she joined Edward Jones’ office in Fort Myers, Florida, where she remained until 2019. She left Edward Jones for Stifel Nicolaus’ office in Fort Myers, from which she resigned in November 2023. Since then, she’s worked at American Global Wealth Management in McDonough, Georgia.
Contact MDF Law About Your Recovery Options
Do you have complaints about investments recommended by Jennifer Blasey? You have rights as an investor, including the right to pursue the recovery of losses through the FINRA arbitration process. Call MDF Law at 800-767-8040 for a free consultation with our seasoned legal team. We accept all cases on contingency—clients only pay a fee if they win their case—and offer free consultations across the US. You may have limited time to file a claim, so don’t delay: call MDF Law today.