According to FINRA, Jordan Paul McLendon has been barred from association with any FINRA member firm in all capacities for refusing to provide documents and information requested by FINRA.
The investigation arose from a Form U5 filed by his member firm stating that McLendon was discharged following provision of falsified documentation, failure to cooperate in internal review, and lack of candor.
A Form U5 is the Uniform Termination Notice for Securities Industry Registration that firms must file when a registered representative leaves. The form requires disclosure of the reason for termination, particularly if it involves possible violations of industry rules or regulations.
The allegations on McLendon's Form U5 are serious: falsified documentation and lack of candor strike at the core of the trust that must exist between financial professionals and both their employers and clients. By refusing to cooperate with FINRA's investigation into these matters, McLendon has been permanently barred from the industry.
What Investors Can Learn: Investors should be aware that they can review a broker's employment history, including termination circumstances, through FINRA's BrokerCheck tool. Disclosure of terminations involving allegations of misconduct provides important information for investors when selecting a financial professional.