He has been permanently banned by FINRA due to reports of power of attorney fraud
After only three years as a broker, Raul Enrique Jacobs needs to find another line of work. In February, the Financial Industry Regulatory Authority (FINRA) permanently barred him from acting as a broker in any capacity.
Jacobs worked for three firms, starting in January of 2012 with MetLife Securities Inc. in Orland Park, IL. In May of that year, he began working for Waddell & Reed, also in Orland Park. Jacobs then moved on to T2 Asset Management, LLC in February of 2015. He was fired from T2 when it was discovered that he had power of attorney over an outside elderly client that he didn’t tell the firm about. Jacobs later admitted that he had stolen client funds to use for his own personal benefit, which ultimately led to FINRA making its ruling.
The abuse of power of attorney is a common issue in cases of elder financial fraud. Individuals who sign away power of attorney give unethical brokers or investment advisors free reign to steal or misuse funds.
To get more information on Raul Enrique Jacobs and the allegations against him, you can read his BrokerCheck report.
Unfortunately, when it comes to the misdeeds of brokers and other financial professionals, it is often their elderly clients who suffer the most. Older people can be overly trusting and some individuals may not have the capacity to consent to transactions, which can lead them to be taken advantage of.
However, in many instances of financial elder abuse, there can be justice. Victims of fraud may be able to get back the money they lost by going through securities arbitration. To learn about the process, get in touch with the experienced elder fraud attorneys at the Silver Law Group. In a free consultation, you’ll get all of the information you need about your rights and options.
Call us toll-free at 800-975-4345 or just send us a message through our online contact form. The Silver Law Group only works on contingency, which means you won’t owe us anything if you don’t recover money.