Regarding brokerage accounts established in 2016 and 2020, the complainant alleges that, during the process of administering her late mother's trusts, the rep delayed the process due to inexperience and also traded $200,000 without the complainant's knowledge. The complainant alleges that this caused financial harm and that the rep's actions were unethical and illegal.

$10,000.00

Case #202410220131.

The complainant alleges that in 2016, the rep executed trades without his approval and without regard to the complainant's financial well being, which provided benefit to the rep.

$7,000.00

The registered rep disagrees with the allegations contained in the complaint and did not participate in the settlement of this matter. The registered rep has not received any compensation related to transactions in the customer's account. Internal case # 201727205.

ALLEGED UNSUITABLE INVESTMENTS

$115,636.67

$90,000.00

Mr. Jacob was named to the law suit, as he was the Vice President and Chief Investment Officer of the Solvay Bank Trust Department, when the complaint was served upon the Bank. As of the date of the complaint filing, [Customers] were clients of the Solvay Bank Trust Dept. Clients never established a brokerage account with Mr. Jacob. In addition, the alleged unsuitable trade was placed and executed prior to Mr. Jacob's being an employee of the bank. The Bank Trust Officer who was responsible for the trade was no longer an employee as of the date of the settlement. Mr Jacob had zero responsibility or compensatory liability to the settlement paid. All settlement was paid by Solvay Bank.

UNSUITABLE INVESTMENTS

ALTHOUGH NO DAMAGES WERE SPECIFIED, THE COMPLAINT HAS THE POTENTIAL OF EXCEEDING THE LIMIT OF $5,000 AS NOTED IN QUES 14I3A OF THE FORM U4.

CLIENT ALLEGED UNSUITABLE INVESTMENT ALLOCATION.

$20,000.00

$5,000.00

DISMISSED WITH PREJUDICE.

FIRST INVESTORS CORPORATION

Discharged

N TC-89-68 MIS APPROPRIATION OF FUNDS USED FOR SALES PROMOTIONS $4610 COVERING A 2 1/2 YEAR PERIOD

RESIGNATION... NO FURTHER ACTIONS OR ANY FINDINGS OF WRONGFUL ACT. MR. JACOB DENIES ANY AND ALL ALLEGATIONS MADE BY FIRST INVESTORS. FIRM QUESTIONED USE OF $4,610 CASH-A-THON (PROMOTIONAL) MONEY. MR. JACOB SPENT SIX WEEKS PROVIDING VERIFYING DOCUMENTS FOR THE MONEY IN QUESTION. A TOTAL OF $4,610 - FOUR THOUSAND, SIX HUNDRED & TEN DOLLARS, WAS ALLEGED, COVERING A 2 1/2 YEAR PERIOD. MR. JACOB PROVIDED REGISTERED REPRESENTATIVE AFFIDAVITS AND PETITIONS FOR MONEY RECEIVED BY SAID REPRESENTATIVES, ALONG WITH COMPANY TRADE BLOTTERS. REPRESENTATIVE CORRESPONDENCE WAS PROVIDED TO CLEAR UP AND SUBSTANTIATE A LARGE PERCENTAGE OF THE PROMOTIONAL MONEY. THE ONLY UNVERIFIED MONIES TOTALED $510 - FIVE HUNDRED TEN DOLLARS AS REPRESENTATIVES WERE NOT ABLE TO BE LOCATED