Newark, Ohio – December 10, 2025 – Joshua T. Jaffe (CRD# 5085863), a financial advisor currently with Steward Partners Investment Solutions, LLC, faces a customer complaint and an employment termination disclosure. According to his FINRA BrokerCheck record, a customer filed a complaint on September 22, 2025, alleging that Jaffe made an unsuitable recommendation to establish a variable-rate securities backed line of credit in early 2021, resulting in alleged damages of $202,330. The complaint was denied by Ameriprise Financial Services on October 31, 2025. Additionally, Jaffe voluntarily resigned from J.P. Morgan Chase Bank in June 2020 after allegations that he failed to escalate a customer complaint. These disclosures raise important questions for investors about account management practices and proper supervisory procedures.
BrokerCheck Snapshot
Name: Joshua T. Jaffe
CRD #: 5085863
Current Status: Currently registered
Current Firm: Steward Partners Investment Solutions, LLC / Steward Partners Investment Advisory, LLC
Location: Newark, Ohio
Years in Industry: 19
Number of Disclosures: 2
Customer Complaint Against Joshua T. Jaffe
Denied Customer Complaint (September 2025)
A customer filed a written complaint on September 22, 2025, alleging that Joshua T. Jaffe made an unsuitable recommendation in early 2021 to establish a variable-rate securities backed line of credit attached to their Strategic Portfolio Services Advantage account.
Complaint Details:
- Date Filed: September 22, 2025
- Employing Firm: Ameriprise Financial Services, LLC
- Allegations: Unsuitable recommendation regarding securities backed line of credit
- Products Involved: Securities Based Line of Credit
- Alleged Damages: $202,330.00
- Complaint Type: Written complaint
- Status: Denied
- Status Date: October 31, 2025
The complaint alleges that Jaffe recommended the customer establish a variable-rate securities backed line of credit in early 2021. Securities backed lines of credit, also known as portfolio lines of credit or margin loans, allow investors to borrow money using their investment portfolio as collateral. These credit facilities carry significant risks, including the potential for margin calls, forced liquidation of securities, variable interest rates that can increase substantially, and amplified losses in declining markets.
When interest rates are rising or market conditions are volatile, variable-rate securities backed lines of credit can become particularly problematic. If the value of the underlying securities declines, the lender may issue a margin call requiring the borrower to deposit additional funds or securities. If the borrower cannot meet the margin call, the lender may liquidate securities to satisfy the debt, potentially locking in losses.
Ameriprise Financial Services denied the complaint on October 31, 2025, indicating the firm concluded that the recommendation was suitable or that proper procedures were followed. However, the denial of a complaint does not necessarily mean the recommendation was appropriate for the client’s financial situation, and investors who believe they received unsuitable investment advice should review their account documentation and consider seeking legal guidance.
Employment Termination from J.P. Morgan Chase
Joshua T. Jaffe voluntarily resigned from J.P. Morgan Chase Bank on June 26, 2020, after allegations that he failed to escalate a customer complaint.
Termination Details:
- Employer: J.P. Morgan Chase Bank, NA
- Termination Date: June 26, 2020
- Termination Type: Voluntary Resignation
- Allegations: Failed to escalate a customer complaint
- Employment Duration: October 2012 – June 2020 (approximately 8 years)
Financial advisors and registered representatives have a responsibility to follow firm procedures regarding customer complaints, including proper escalation and documentation. Failure to escalate customer complaints can prevent firms from addressing client concerns, conducting proper investigations, and implementing corrective measures. This type of failure to supervise or follow firm procedures raises questions about whether other client concerns may have been improperly handled.
Employment History
Joshua T. Jaffe has worked in the securities industry since 2006. His employment history includes:
Current Employment:
- Steward Partners Investment Advisory, LLC (August 2025 – Present)
- Position: Investment Advisor Representative
- Location: Newark, Ohio
- Registration Date: August 6, 2025
- Steward Partners Investment Solutions, LLC (August 2025 – Present)
- Position: Registered Representative
- Location: Newark, Ohio
- Registration Date: August 6, 2025
Previous Employment:
- Ameriprise Financial Services, LLC (June 2020 – August 2025)
- Position: Registered Representative
- Location: Newark, Ohio
- Duration: 5 years
- J.P. Morgan Securities LLC (October 2012 – July 2020)
- Location: Johnstown/Pataskala, Ohio
- Duration: 8 years
- Chase Investment Services Corp. (November 2010 – October 2012)
- Location: Pataskala, Ohio
- Duration: 2 years
- PFS Investments Inc. (May 2006 – November 2010)
- Location: Cleveland, Ohio
- Duration: 4.5 years
Jaffe recently transitioned to Steward Partners in August 2025 after spending five years with Ameriprise Financial Services. He is currently registered in 20 U.S. states and territories.
Understanding Securities Backed Lines of Credit Risks
Securities backed lines of credit can be appropriate tools for sophisticated investors with specific liquidity needs, but they carry substantial risks that make them unsuitable for many investors. Key risks include margin calls that can force liquidation of securities at inopportune times, variable interest rates that can increase substantially in rising rate environments, amplified losses in declining markets, and potential tax consequences from forced sales.
Financial advisors recommending securities backed lines of credit must ensure the strategy aligns with the client’s investment objectives, risk tolerance, financial situation, and understanding of the risks involved. Recommendations to establish substantial lines of credit secured by investment portfolios require careful analysis of the client’s ability to service the debt, their risk tolerance, and whether alternative financing options would be more appropriate.
Pattern of Complaints / Risk Factors
Joshua T. Jaffe’s BrokerCheck record shows two disclosures: a denied customer complaint alleging unsuitable recommendation of a securities backed line of credit with alleged damages of $202,330, and a voluntary resignation after allegations of failing to escalate a customer complaint. While the customer complaint was denied by Ameriprise Financial Services, allegations of unsuitable investment recommendations involving securities backed lines of credit warrant careful review by investors. The employment termination for alleged failure to escalate customer complaints raises additional concerns about supervisory procedures and proper handling of client concerns. Investors who worked with Joshua T. Jaffe, particularly those with securities backed lines of credit or margin loans, should review all account documentation, loan agreements, and margin disclosures to ensure they understood the risks and that the recommendations were suitable for their financial situation.
Can Investors Recover Losses?
Investors who experienced unsuitable recommendations, unauthorized trading, excessive trading, or other misconduct may be entitled to recover their losses through FINRA arbitration. FINRA arbitration is a dispute resolution process designed specifically for securities-related claims and provides an alternative to traditional court litigation.
Patil Law, P.C. has over 15 years of experience representing investors in FINRA arbitration and securities litigation, with more than $25 million recovered for clients across 1,000+ cases. We provide a free, confidential consultation to review your potential claim. Our firm works on a contingency fee basis, meaning you pay no attorney fees unless we successfully recover money for you.
If you experienced losses, unsuitable investments, or account mismanagement while working with Joshua T. Jaffe at Steward Partners, Ameriprise Financial Services, J.P. Morgan Chase, or any other firm, contact our office at 800-950-6553 or info@patillaw.com to discuss your options.
About FINRA Arbitration
FINRA arbitration is a streamlined dispute resolution process for securities-related claims. It offers a faster, more cost-effective alternative to traditional court litigation. Most cases are resolved within 12-16 months. Claims generally must be filed within six years of the incident, making it important to act promptly if you suspect broker misconduct.
Related Brokers and Firms
Investors with accounts at Ameriprise advisors, JPMorgan Chase advisors, or Steward Partners advisors may benefit from reviewing their account history for similar issues. Other advisors at these firms may have faced customer complaints and regulatory disclosures.
For investors who experienced losses involving specific misconduct types, the following resources may be helpful:
Frequently Asked Questions
Q1: What are the complaints against Joshua T. Jaffe?
Joshua T. Jaffe faces one customer complaint filed in September 2025 alleging unsuitable recommendation of a securities backed line of credit with alleged damages of $202,330. The complaint was denied by Ameriprise Financial Services on October 31, 2025. He also has an employment termination from J.P. Morgan Chase Bank in June 2020 for alleged failure to escalate a customer complaint.
Q2: Can investors recover losses involving Ameriprise Financial Services or J.P. Morgan Chase?
Yes. Investors who suffered losses due to broker misconduct at Ameriprise Financial Services, J.P. Morgan Chase, or Steward Partners may be entitled to recover their losses through FINRA arbitration. The arbitration process allows investors to pursue claims against both the broker and the firm for unsuitable recommendations, breach of fiduciary duty, failure to supervise, and other securities violations.
Q3: What is FINRA arbitration?
FINRA arbitration is a dispute resolution forum specifically designed for securities-related claims. It provides a faster and less expensive alternative to traditional court litigation, with most cases resolved within 12-16 months. An arbitration panel reviews the evidence and makes a binding decision on the claim.
Q4: What are securities backed lines of credit?
Securities backed lines of credit, also known as portfolio lines of credit or margin loans, allow investors to borrow money using their investment portfolio as collateral. These credit facilities carry significant risks including margin calls, forced liquidation of securities, variable interest rates, and amplified losses in declining markets.
Q5: How do I look up a broker on BrokerCheck?
Visit FINRA’s BrokerCheck website and search by the broker’s name or CRD number. The report will show employment history, qualifications, and any customer complaints, regulatory actions, or terminations. BrokerCheck is a free public resource maintained by FINRA.
Q6: What should I do if I suspect broker misconduct?
First, gather all account statements, correspondence, loan documents, and documentation related to your investments. Next, consider filing a complaint with FINRA and your state securities regulator. Finally, consult with a securities attorney experienced in FINRA arbitration to evaluate whether you have a valid claim for recovery.
About Patil Law, P.C.
Patil Law, P.C. is a securities litigation firm dedicated to representing investors who have suffered losses due to broker misconduct, unsuitable recommendations, and securities fraud. Founded in 2018 by attorney Chetan Patil, the firm focuses exclusively on FINRA arbitration and investment loss recovery.
With over 15 years of combined experience in securities law, Patil Law has successfully recovered more than $25 million for clients across 1,000+ cases. Attorney Chetan Patil earned his law degree from Case Western Reserve University School of Law. Attorneys Gabriela Dubrocq and Patricia Herrera earned their law degrees from University of Miami. The firm handles cases nationwide involving unauthorized trading, churning, unsuitable investments, breach of fiduciary duty, and failure to supervise.
Patil Law works on a contingency fee basis, meaning clients pay no attorney fees unless the firm successfully recovers money on their behalf. All consultations are free and confidential.
Contact Patil Law for a Free Consultation
If you experienced investment losses while working with Joshua T. Jaffe or another broker at Steward Partners, Ameriprise Financial Services, J.P. Morgan Chase, or any other firm, contact Patil Law, P.C. today. Our experienced securities attorneys can review your case and explain your legal options at no cost and with no obligation.
Call: 800-950-6553
Email: info@patillaw.com
Website: investmentlosslawyer.com
Disclaimer: The information in this post is based on FINRA BrokerCheck records and public filings. Allegations described are contested or unproven and may be resolved in the broker’s favor. The customer complaint discussed was denied by the firm. All investors are entitled to fair treatment under securities laws. This is attorney advertising. Prior results do not guarantee a similar outcome. This communication is for informational purposes only and does not create an attorney-client relationship.
