Brad Michael Jacobson Barred for Failing to Cooperate with FINRA Investigation

According to FINRA, Brad Michael Jacobson was barred from association with any FINRA member in all capacities for failing to provide information and documents requested by FINRA in connection with its investigation concerning alleged conversion of customer funds and participation in an unapproved outside business activity.

FINRA's investigation originated from a review of a Form U5 filed by Jacobson's member firm. In the Form U5, the firm reported that it terminated Jacobson because he engaged in an unapproved outside business activity and submitted a service request to obtain a debit card issued for himself drawn on a client's business account.

When broker-dealers or registered representatives refuse to cooperate with FINRA investigations, it undermines the regulatory process designed to protect investors. FINRA's ability to investigate potential misconduct depends on the cooperation of industry participants. A bar from the industry is an appropriate sanction for those who refuse to participate in the investigative process, as it demonstrates a lack of fitness to work in the securities industry.

Source: FINRA disciplinary actions (PDF)