FINRA’s complaint alleges that Poff failed to inform his firm of the outside business activities.
The Sonn Law Group is investigating allegations that Jason Howell Poff committed misconduct. If you or a family member has suffered losses investing, we want to discuss your case. Please contact us today for a free review of your case.
Jason Howell Poff (CRD#:4078570) is registered as a broker and investment adviser with Allstate Financial Services in Houston, Texas, where he has been employed since 2018. Previously, Poff was registered as a broker and investment adviser with LPL Financial.
Poff has two disclosures on his BrokerCheck report.
December 2020 Regulatory Judgment
- Status: Pending
- Initiated By: FINRA
- Allegations: Poff was named a respondent in a FINRA complaint alleging he engaged in undisclosed and unapproved OBAs through a business that he owned and operated. The complaint alleges that Poff, through a company he solely owned, engaged in business activities for two outside entities. Poff never provided the firm with written notice of his or his company’s business activities for the entities and did not receive approval to engage in any business activities for the entities. Poff’s contacts at the entities told him that they wanted his help with their lending program. Specifically, they wanted Poff to communicate with potential borrowers and gather their data and information for loan documents. Poff began to gather potential borrowers’ information through his company for the entities in preparation for obtaining loans. Poff, holding himself out as president of his company, drafted consulting contracts for potential borrowers, at least eight of which were executed by the potential borrowers. Pursuant to the consulting contracts, Poff’s company was to facilitate cashier’s check processing and transfer of received funds to the accounts as directed by the potential borrower. Certain of these potential borrowers also signed powers of attorney granting Poff’s company authority to process a cashier’s check that the entities would issue, and then direct funds received from the entities to the potential borrower’s account. Along with the consulting contracts and powers of attorney for potential borrowers, Poff’s company retained in its files copies of documents described as cashier’s checks that the entities issued to those potential borrowers for amounts ranging from $150,000 to $1 billion. Poff marketed the entities’ product to at least one firm customer. Poff pitched an entity loan to his firm’s customer, who was a senior citizen at that time. The customer signed a consulting contract and limited powers of attorney relating to the loan program. Poff expected to receive compensation for his work, through his company, for the entities. In fact, Poff hoped to be paid enough from his business with the entities to leave the firm completely. Poff also engaged in business activity for another entity outside the scope of his employment with the firm. Poff never provided the firm with written notice of his or his company’s business activities with this entity and did not receive approval for this business activity. The entity’s owner, who was setting up a family investment office, was interested in buying and selling fixed income products. Poff opened an account for the entity at the firm, but was told that the firm did not deal in the debt securities the entity’s owner wished to trade. Poff signed and had notarized an independent contractor/consultant agreement with the entity. The contract stated that Poff, through his company, would be paid $50,000 per month to provide to the entity professional services in the area of senior vice president as directed, needed and required. Poff assisted the entity and its owner in several bond transactions. For example, Poff wrote to a potential counterparty regarding the entity’s interest in depositing a real estate mortgage investment conduit with the potential counterparty’s institution in order to obtain a $50 million line of credit. Poff also communicated with the entity’s owner and a potential counterparty about the entity’s interest in selling a ?1.5 billion medium-term note. Additionally, Poff wrote a letter on behalf of the entity to a potential counterparty regarding the transfer of a restricted debt security issued by an energy company in Alaska to the entity. The complaint also alleges that Poff falsely attested to the firm on annual firm compliance questionnaires that he had disclosed all OBAs to the firm and that he was not engaging in any activity for OBAs that were not approved.
September 2019 Employment Separation After Allegations
- Firm Name: Stifel, Nicolaus & Company, Incorporated
- Termination Type: Discharged
- Allegations: Discharged after signing a letter of Acceptance, Waiver, and Consent which included a bar from association with any FINRA member in any capacity.
October 2008 Customer Dispute
- Status: Settled
- Allegations: Client alleges reps failure to follow instructions relating to a variable universal life insurance policy. Activity dates 09/05/08-09/05/08
- Damage Amount Requested: $38,415.23
- Settlement Amount: $38,415.23
Contact Us Today
The Sonn Law Group is currently investigating allegations that Jason Howell Poff committed misconduct. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.