Jay Weiser Discharged From Despain Financial

The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Jay Weiser. According to his publicly available FINRA BrokerCheck report, Jay Weiser has been the subject of multiple customer disputes.

Jay Weiser was an Illinois based securities broker. He worked in the securities industry for thirty-one years. During his career, he was registered with four different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

• Pruco Securities (1986-1999)


• American Express Financial Advisors (2000)


• IDS Life Insurance Company (2000)


• Despain Financial Corporation (2000-2018)

• In May 2018, a customer alleged that Jay Weiser mismanaged their retirement assets. This case was settled for $112,500 in damages.


• In June 2018, Jay Weiser was discharged from his position at Despain Financial due to allegations that he recommended unsuitable Regulation D Products & Life Insurance products to his customers.


• In October 2018, another customer alleged that Jay Weiser mismanaged their retirement assets. This case is currently pending. The customer is seeking $50,000 in damages.


• In January 2019, Jay Weiser was officially sanctioned by FINRA. The findings in this matter state that he failed to cooperate with a FINRA investigation into allegations that he sold unsuitable promissory notes. Due to this alleged failure, Jay Weiser was barred by FINRA from acting as a securities broker in any fashion.

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.

Oakes & Fosher dedicates their entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Jay Weiser, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.