James Clay Has Been Named in a Pending FINRA Complaint

James ClayPublicly available records provided by the Financial Industry Regulatory Authority (FINRA) and accessed on January 8, 2018 indicate that former Tennessee-based Cuso Financial Services broker/adviser James Clay has been named in a FINRA complaint and is currently not affiliated with any broker-dealer firm. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Clay (CRD# 5748560).

James Clay has spent 7 years in the securities industry and was most recently registered with Cuso Financial Services in Clarksville, Tennessee (2014-2017). Previous registrations include US Bancorp Investments in Clarksville, Tennessee (2012-2014) and Edward Jones in Clarksville, Tennessee (2010-2012). He has passed two securities industry examinations: Series 66 (Uniform Combined State Law Examination), which he obtained on March 5, 2010, and Series 7 (General Securities Representative Examination), which he obtained on February 18, 2010. He is currently not registered with any state or firm.

According to his BrokerCheck report, he has been named in a pending FINRA complaint and was discharged from a former employer in connection to alleged rule violations.

In October 2017 he was named respondent in a FINRA complaint alleging he participated in an undisclosed and unapproved outside business activity in connection to the acquisition and management of 49 rental properties. FINRA’s complaint alleges also that the venture was the product of Mr. Clay’s relationship with a customer of his member firm who at the time was 86 years old. FINRA’s complaint states further: “The customer and Clay entered into an agreement whereby the customer would sell Clay the rental properties for $1 million, finance Clay’s purchase, and make an additional $500,000 loan to Clay for repairs and upgrades. In furtherance of his undisclosed outside business, Clay established a company and collected and deposited into his personal bank account nearly $6,000 in rent proceeds from the Rental Properties’ tenants.” He also alleged liquidated approximately $500,000 in securities held at the customer’s firm advisory account to fund the loan. The complaint alleges that after the client’s son prevented Mr. Clay from receiving the loan and complained to the firm about his acquisition of the properties, Mr. Clay “repeatedly lied to a firm supervisor” during an investigation of the son’s complaint. He also alleged repeated his misrepresentations in written responses to FINRA and on-the-record interviews. The complaint remains pending.

In 2013 he was terminated from his position at US Bancorp Investments following allegations he violated the firm ethics code by entering into a personal transaction with a known USBI client.

If you or someone you know has complaints regarding James Clay, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recover lost funds. All cases are taken on a contingency basis: we only receive payment if and when you collect money. Time to file your claim may be limited, so we suggest you avoid delay. Call 877-238-4175 now to speak to an attorney for free.