Likens, Suspended and Fined for Unapproved Loans from Customers

(FINRA Case #2016049871601)

Jason Hunter Likens (CRD #4716661, Asheville, North Carolina) – An AWC (Accept, Waiver & Consent) was issued in which Likens was assessed a deferred fine of $10,000 and suspended from association with any FINRA member in all capacities for 15 months.

Without admitting or denying the findings, Likens consented to the sanctions and to the entry of findings that he borrowed $23,500 from two customers without disclosing the loans to his member firm or receiving its approval to borrow from the customers.

The findings stated that Likens did not repay the loans on schedule and did not begin to repay the loans until repeated requests were made. The firm’s WSPs (Written Supervisory Procedures) prohibited lending arrangements between associated persons and customers except for with prior approval and under limited circumstances that did not cover the loans Likens received.

The findings also stated that Likens made false attestations to his firm on annual compliance questionnaires that he had not made loans to or borrowed from any customer.

The suspension is in effect from July 17, 2017, through October 16, 2018.

 Due to the allegations Likens was terminated from International Assets Advisory, LLC in January 2017Likens was also terminated by Oppenheimer & Co in August of 2016 due to a similar Client complaint regarding a loan that was repaid.

If you feel you have been misled or taken advantage by Jason Likens or any Broker and wish to discuss legal action, please contact Darren Blum at 1-877-786-2552 (1-877-STOCK LAW), www.stockattorneys.com for a free consultation.