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Paul Jacobs Has Been Sanctioned by FINRA

Paul Jacobs

Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on March 14, 2017 indicate that Georgia-based Cape Securities broker/adviser Paul Jacobs has been sanctioned by FINRA. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Jacobs (CRD# 4658235).

Paul Jacobs has spent eleven years in the securities industry and has been registered with Cape Securities in McDonough, Georgia since February 2017. Previous registrations include Caldwell International Securities in Austin, Texas; Caldwell International Securities in Nassau; Veritrust Financial in Austin, Texas; Waddell & Reed in Austin, Texas; Ameriprise Financial Services in Austin, Texas; LPL Financial in Austin, Texas; Investment Professionals in Odessa, Texas; New England Securities in San Antonio, Texas; and Ameriprise Financial Services in the Woodlands, Texas. He has passed three securities industry examinations: Series 66 (Uniform Combined State Law Examination), Series 7 (General Securities Representative Examination), and Series 24 (General Securities Principal Examination). He is currently not registered with any state or firm.

According to his BrokerCheck report, Paul Jacobs has received one FINRA sanction.

In 2016 FINRA sanctioned Paul Jacobs following allegations he failed to establish and maintain a system to supervise the activities of his firm so as to to achieve compliance with relevant securities laws and regulations. FINRA’s findings state: “Jacobs failed to monitor for, detect and, when detected, investigate multiple instances of potential misconduct by the firm’s brokers involving unsuitable active trading investment strategies, unsuitable ETFs, discretionary trading without written authorization and excessive trading/churning in multiple customer accounts across multiple branches of the firm. In addition, Jacobs failed to implement a reasonable supervisory system to adequately review trades for unsuitable recommendations, such as ETFs, and to adequately monitor whether the firm’s representatives understood the risks and benefits of the active trading investment strategy they were recommending, nor did the firm monitor whether the representatives had done any due diligence on the recommended active trading investment strategy. This grossly inadequate supervisory system established, in turn, resulted in many firm customers suffering significant losses and paying staggering commissions and fees.” He was suspended for six months from acting as a Series 24 principal.

If you or someone you know has lost money investing with Paul Jacobs, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup your losses. Fitapelli Kurta accepts all cases on a contingency basis: we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.

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