Jay Geaslen: $500K REIT Complaint Against Legacy Capital Advisor

Atlanta, Georgia financial advisor Jay Geaslen (CRD# 2124281) allegedly recommended an unsuitable non-traded REIT, according to an investor complaint. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Avantax, and that he is a representative of Legacy Capital Advisors.

Mr. Geaslen’s BrokerCheck report discloses several investor complaints. The most recent, filed in September 2024, alleges that as a representative of Ameriprise Financial Services, he recommended unsuitable investments, including leveraged structured notes and a non-traded real estate investment trust. The pending complaint alleges damages of $500,000.

A second investor complaint, also filed in September 2024, alleged that he misrepresented the risks associated with reverse convertible notes. The complaint reached a settlement of $20,000.

A third investor complaint, filed in 2013, alleged that as a Merrill Lynch representative, he failed to follow the customer’s instructions to invest sales proceeds in equities. The complaint reached a settlement of $70,000.

Legacy Capital’s website includes a profile of Mr. Geaslen that describes his background and experience. “Jay spent more than 29 years as a financial advisor with Fortune 250 companies, creating and implementing wealth management, preservation, and transfer strategies for affluent clients,” it explains. “Jay’s focus and experience includes utilizing an array of retirement plans, with a focus on tax-saving strategies, along with providing affluent families, businesses, trusts and foundations with sophisticated wealth and estate tax planning and leveraged strategies to help meet the complex multi-generational needs of the Legacy’s individual clients.”

According to the Financial Industry Regulatory Authority, Jay Geaslen holds 31 years of securities industry experience. Based in Atlanta, Georgia, he has been registered as a broker and an investment advisor with Avantax since 2022. He is also a representative of Legacy Capital Advisors. His past registrations include Ameriprise Financial Services, Merrill Lynch, Chubb Securities Corporation, and Cigna Financial. His credentials include the passage of eight securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the Direct Participation Programs Representative Examination, or Series 22; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; the Corporate Securities Limited Representative Examination, or Series 62; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He holds 26 state licenses. (Information current as of October 12, 2024.)

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