Securities Arbitration Lawyers BlogFINRA Bars Broker Jordan Whitacre For Misappropriation Of Client Funds
Jordan Whitacre (Jordan David Whitacre CRD# 5828900) is a former registered broker and investment advisor whose most recent employer was Arkadios Capital (CRD#:282710) of Anderson, SC. His previous employers were Triad Advisors LLC (CRD#:25803) and The Investment Center, Inc. (CRD#:17839), also of Anderson. He has been in the industry since 2011.
Whitacre has three disclosures: two from his previous employers and one disciplinary action from FINRA.
Wealth Management Advisors placed Whitacre on leave while the firm investigated allegations that he misdirected client funds for his own personal use. During this leave period, he became employed by Arkadios Capital. However, when Arkadios discovered the leave and the reasons behind it, they contacted Wealth Management Advisors and were notified of the “confirmatory findings from the internal review.” Both firms terminated Whitacre on 7/16/2021 based on these findings.
FINRA began its own investigation and contacted Whitacre to request information into the matter. After sending FINRA’s Notice of Suspension and Suspension from Association letters dated October 29, 2021, and November 22, 2021, Whitacre failed to respond and provide FINRA with any requested information. FINRA then sanctioned Whitacre with a permanent bar from association with any member broker in all capacities, effective 2/1/2022.
What Should You Do If Your Broker Misappropriated Funds?
Unfortunately, brokers sometimes steal money from their clients. Clients may not fully understand their investments and not realize that the broker has taken advantage of them.
Taking a client’s funds is known as “Conversion of Funds,” and is a direct violation of FINRA Rule 2150.
If you see something in your account statements that you don’t understand, ask questions of your broker first. But if you’re still unclear, don’t just go with what the broker says—keep looking and asking questions elsewhere.
Finding evidence of possible misappropriation is a serious matter, and the SEC allows you to make a complaint against a broker and their firm. That doesn’t necessarily mean you will recover your lost funds. You’ll have the best chance of recovering lost funds when you work with an attorney who understands securities law and can represent you in a FINRA arbitration.
Not all market losses constitute misappropriation. Like any financial account, it’s always important to regularly keep watch. But if you’ve discovered that your funds have been converted by your broker, contact attorney Scott Silver at the Silver Law Group to learn more and how they can help.
Did You Invest With Jordan Whitacre?
Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases are handled on a contingent fee basis, meaning that you won’t owe us until we recover your money for you. Contact us today at (800) 975-4345 and let us know how we can help.