Public records published by the Financial Industry Regulatory Authority (FINRA) on February 27th, 2016 indicate that Minnesota-based Woodbury Financial Services broker/adviser Jon Nicholson is the subject of a customer complaint. The securities and investment fraud law firm Fitapelli Kurta is investigating allegations of misconduct against Mr. Nicholson (CRD# 1089359).
Jon Nicholson has spent 32 years in the securities industry and has been registered with Woodbury Financial Services in Oakdale, Minnesota since 2006. Previous registrations include Sammons Securities in Edina, Minnesota (2003-2006); Woodbury Financial Services in Oakdale, Minnesota (1989-2003); American Skandia Marketing in Shelton, Connecticut (1989); and NWNL Management Corporation in Des Moines, Iowa (1983-1989). He is a registered broker and investment adviser in 22 US states and territories.
According to his BrokerCheck report, Jon Nicholson is the subject of one customer complaint pertaining to his conduct at Woodbury Financial Services.
In 2013 a customer alleged Jon Nicholson, while employed at Woodbury Financial Services, recommended an unsuitable investment and misrepresented the benefits and features associated with an equipment leasing fund purchased in 2006. The complaint settled in 2014 for $58,000, to which Mr. Nicholson individually contributed $14,500.
According to FINRA rules as well as federal securities law, brokers and investment professionals like Jon Nicholson must comply with a standard called suitability, which means they may recommend only investments that are considered suitable for their clients’ investment profiles. Brokers must weigh such factors as the customer’s investment goals, experience, age, income, risk tolerance, and more. They may not misrepresent or omit material facts pertaining to an investment, as misrepresentations or omissions might lead a customer to invest unsuitably. Brokers who fail to recommend suitable investments may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
If you have lost money investing with Jon Nicholson, you may be eligible to recover your losses. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on contingency: Fitapelli Kurta only gets paid if and when you collect money. By law there is a limited window to file claims, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.