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Illinois Broker Raul Jacobs’ Brief Career is Over

Illinois Broker Raul Jacobs’ Brief Career is Over on elderfinancialfraudattorneys.com

FINRA permanently barred the broker after he admitted to theft from an elderly client and failed to respond to information requests

In January of 2012, Raul Jacobs began working as a broker for MetLife Securities Inc. out of Orland Park, IL. But just three years later, his career came to an end. While working for T2 Asset Management, LLC in Naperville, IL, he failed to tell the firm that he had power of attorney over a client account not associated with the firm, and admitted to stealing funds for his personal use to Illinois regulators.

Jacobs was discharged from T2 and then fined and suspended by the Financial Industry Regulatory Authority (FINRA). Because he never contacted FINRA to supply them with more information, the agency barred him permanently from acting as a broker.

In addition to MetLife and T2, Jacobs spent the majority of his time with Waddell & Reed.

As power of attorney, Jacobs admitted to stealing funds from his client for his own use. The client was elderly, meaning that Jacobs possibly committed elder financial fraud. Elder fraud is a is unfortunately not uncommon, and power of attorney fraud is a common variation.

A power of attorney is a document that gives an individual, such as a financial adviser, the power to act on a client’s behalf. Unscrupulous brokers can use this permission, sometimes obtained from a client with diminished capacity, to make trades that are unsuitable for their client’s financial situation or engage in churning, which is the execution of numerous trades to generate commissions, among other potential FINRA violations.

Though Jacobs actions are obvious since he reportedly admitted to taking money, there are more subtle ways brokers take advantage of their elderly customers to profit from the fact that clients may not have the knowledge or capacity to consent.

The BrokerCheck report generated by FINRA has additional information on Jacobs.

As the population ages, elder fraud is becoming more prevalent in the trading industry, and if you suspect you or someone you know is a victim, action needs to be taken. Often people who have lost money can recover it through securities arbitration. Scott Silver is the current chair of the American Trial Lawyers Association Securities and Financial Fraud Group and our expert legal team represents clients in securities law arbitration cases and victims of elder financial fraud to help them recover lost funds and get a sense of justice.

For a free consultation from an experience securities arbitration attorney, get in touch with the Silver Law Group. Because we work on contingency, you won’t owe us a fee unless you get money back. Contact us through our online form and someone will get back to you quickly.

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