Jason Dukas (CRD#: 4188239), a registered representative with Stifel, Nicolaus & Company, Incorporated (CRD#: 793) in Clearwater, Florida, has been suspended by the Financial Industry Regulatory Authority (FINRA), according to his BrokerCheck record accessed on June 22, 2020. What happened to lead to Jason Dukas’s suspension? Read on to learn more.
According to FINRA, Jason Dukas recommended an investment in a start-up motion-analytics company to a customer even though this investment was not approved by his member firm. He provided advertising materials to this customer and arranged for the customer to attend a promotional meeting about the company. When the customer decided to invest, Jason Dukas sent them a promissory note and other documents. The customer ultimately invested $1.5 million in this company. All the while, Jason Dukas’s member firm had no idea that he was peddling unapproved securities transactions. According to BrokerCheck, the customer “was wealthy and sophisticated” and “Dukas received no compensation.” These facts, however, have no bearing on the case. As we have discussed before, “sophisticated” is not an official term and carries no federal standard definition, unlike an “accredited” investor. But even if an investor is “sophisticated” or even “accredited,” not every investment is right for their needs. Similarly, the fact that Jason Dukas did not receive compensation for his actions does not detract from the fact that he engaged in “selling away”, a violation of FINRA rules, firm policy, and federal securities regulations. A broker who peddles unapproved securities without their member firm knowing could open up investors to significant losses, as these investments have not been vetted by the member firm. Ultimately, Jason Dukas consented to FINRA’s findings and sanctions in a letter of Acceptance, Waiver, and Consent (AWC) he filed with the self-regulatory organization. He was suspended for nine months, and his suspension will last from June 1, 2020 through February 28, 2021. He was also fined $15,000. A copy of Jason Dukas’s AWC can be viewed here.
This recent suspension is not the only disclosure on Jason Dukas’s BrokerCheck record, however. Furthermore, it is not the only time engaging in private securities transactions has landed Jason Dukas in hot water. On June 19, 2017, Jason Dukas voluntarily resigned from Wells Fargo Clearing Services LLC after the firm alleged that he engaged in private securities transactions—a violation of firm policy.
Jason Dukas has passed the Series 66 – Uniform Combined State Law Examination, the SIE – Securities Industry Essentials Examination, the Series 31 – Futures Managed Funds Examination, and the Series 7 – General Securities Representative Examination. He is registered to sell securities in Arizona, Connecticut, Delaware, the District of Columbia, Florida, Georgia, Indiana, Iowa, Louisiana, Maryland, Minnesota, Nebraska, New Jersey, New Mexico, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Washington, Wisconsin, and Wyoming. He is also a Registered Investment Adviser (RIA) in Florida and Texas.
Over his 19-year career in the securities industry, Jason Dukas has worked for five brokerage firms. In addition to Stifel, Nicolaus & Company, Incorporated (CRD#: 793) in Clearwater, Florida, he has also worked for:
- Wells Fargo Clearing Services LLC (CRD#: 19616) – broker-dealer and investment adviser
- Morgan Stanley Smith Barney (CRD#: 149777) – broker-dealer and investment adviser
- Morgan Stanley & Co. Incorporated (CRD#: 8209) – broker-dealer and investment adviser
- Morgan Stanley (CRD#: 7556) – broker-dealer and investment adviser
If Jason Dukas was your broker or Registered Investment Adviser and you have questions about your investments, don’t hesitate to contact the securities attorneys of Fitapelli Kurta to learn more about your options for investment loss recovery. Call (877) 238-4175 or email email@example.com for your free case consultation with a securities attorney.