FINRA fined and suspended LPL Financial and D.A. Davidson & Co. broker Jacob Lee Harper of Southern California for borrowing $50,000 from customers without authorization, failing to disclose outside securities accounts, and for making false and misleading statements to FINRA. Harper has purportedly failed to repay nearly all of the money he borrowed.
In addition to his registration at LPL in Laguna Niguel, Jacob Lee Harper (CRD #4258319) served as a broker at D.A. Davidson & Co. of Newport Beach, with investigators alleging that Harper borrowed $50,000 in support of an outside business activity, failing to disclose both the loans (which were themselves prohibited by D.A. firm policy) and the outside business activity.
Harper then purportedly lied to FINRA on industry compliance forms, stating the loans were not for investment/securities purposes, but were instead payments for a vehicle purchase. When pressed by FINRA on the matter several months later in June 2025, Harper then admitted there was no car involved and also disclosed for the first time that more than just one customer had loaned him money.
Harper also failed to disclose several outside brokerage accounts used to support an outside business activity, with Harper completing compliance questionnaires for both D.A. Davidson and LPL Financial that omitted these outside accounts. After the aforementioned FINRA follow-up regarding the non-existent car sales, Harper also belatedly disclosed the outside accounts in the summer of 2025.
According to investigators, Harper had used the $50,000 borrowed from his customers to support his outside business activity, all initially undisclosed to D.A. Davidson, LPL Financial, and FINRA. The findings state Harper has returned just 6% of the total amount borrowed ($3,000 of $50,000), and only to one of the customers he borrowed from.
Harper's BrokerCheck lists two disclosed outside business activities: Laguna Pups, LLC which Harper described as finances & logistics/investment related, and Harper Private Wealth, which is his DBA entity for LPL business. Both outside businesses first appeared in Harper's file in 2025.
If you invested with former LPL Financial and D.A. Davidson broker Jacob Harper, or have loaned money to any investment advisor or registered representative who in turn has failed to repay the loan in contravention of industry rules, please call an experienced FINRA arbitration attorney at The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.