Anthony Gray of Baton Rouge, Louisiana submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) for allegedly misappropriating funds from two elderly client bank accounts. Mr. Gray first became associated with FINRA in 2012 through a member firm. In July 2013, Mr. Gray became registered with Edward Jones; he remained there until his termination in October 2015.
FINRA found, between December 2013 and September 2015, Mr. Gray misappropriated $138,000 from two Edward Jones customers. Mr. Gray allegedly convinced the clients to transfer funds from their firm account to their personal banking account as well as provide him with blank checks to pay for alleged firm fees. Instead of using the blank checks to his alleged intention, FINRA found that Mr. Gray made the checks payable to himself or a business he is affiliated to.
For misappropriating $138,000 and violating FINRA Rules 2150(a) and 2010, Mr. Gray was barred from association with any FINRA member in any capacity.
Stockbrokers have been known to engage in many types of practices which violate industry and firm rules, practices, and procedures. In order to protect customers from stockbroker misconduct, FINRA rules require broker-dealers such as Edward Jones to establish and implement a reasonable supervisory system. The implementation of the rules require supervisors to monitor employees to ensure they comply with federal and state securities laws, securities industry rules and regulations, and the firm, such as Edward Jones own policies and procedures. If broker dealers and/or their supervisors do not establish and implement these protective measures, they may be liable to investors for damages which flow from the misconduct. As a result, investors who have suffered losses because of their stockbroker’s unlawful or prohibited conduct can file a claim to recover damages against broker dealers like Edward Jones, which should consistently oversee its employees in order to prevent stockbroker misconduct.
Have you suffered losses in your Edward Jones investment account due to your stockbroker’s misconduct? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against stockbrokers for unsuitable recommendations, misrepresentations, and/or other unauthorized and prohibited conduct.
The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 35 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities, and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please post a comment, call (800) 732-2889, send Mr. Pearce an email at email@example.com, and/or visit our website at www.secatty.com for answers to any of your questions about this blog post and/or any related matter.