| Read Time: 2 minutes | Broker Misconduct | Stockbrokers In The News |

Anthony John Cummings, a former registered representative with Edward Jones, consented to, but did not admit to or deny, the entry of the Financial Industry Regulatory Authority’s (FINRA) sanction and findings that he converted a customer’s funds for his personal use.

According to FINRA, Anthony Cummings, of Cockeysville, Maryland, solicited $60,000 from a customer for his personal expenses.  The money came directly from the customer’s Edward Jones account.  FINRA found that Mr. Cummings kept the funds and neglected to repay his customer.  FINRA’s finding state that Mr. Cummings acted unethically by accepting the client’s money without the means or intent to repay the customer.  Consequently, Anthony Cummings was permanently barred from association with any FINRA member in any capacity.

Conversion is the intentional and unauthorized taking of ownership over property by one who neither owns the property nor is entitled to have it.  Conversion of customer funds is a violation of NASD Rules 2330 and 2110 and FINRA Rule 2010.

Stockbrokers, registered representatives, and other financial industry professionals have been known to engage in many types of fraudulent and unlawful behavior, such as conversion of funds, which violate industry rules and procedures.  In order to protect investors from such misconduct, FINRA rules require broker-dealers to establish and implement a reasonable supervisory system.  The implementation of the rules requires supervisors to monitor employees to ensure they comply with federal and state securities laws, securities industry rules and regulations, as well as the brokerage firm’s own policies and procedures.  If brokerage firms and their supervisors do not establish and implement these protective measures, they may be liable to account holders for losses flowing from the misconduct.  As a result, investors who have suffered losses stemming from a broker or registered representative’s unauthorized, fraudulent and/or unlawful misconduct can bring forth claims to recover damages against broker-dealers like Edward Jones, which have a duty to supervise its employees in order to prevent stockbroker misconduct.

Have you suffered losses in your Edward Jones investment account due to your registered representative or stockbroker’s unauthorized, fraudulent and/or unlawful 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 Edward Jones financial professionals for conversion of funds, mismanagement of investment accounts, and/or other unauthorized misconduct.

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 40 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 pearce@rwpearce.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.

Author Photo

Robert Pearce

Robert Wayne Pearce of The Law Offices of Robert Wayne Pearce, P.A. has been a trial attorney for more than 40 years and has helped recover over $125 million dollars for his clients. During that time, he developed a well-respected and highly accomplished legal career representing investors and brokers in disputes with one another and the government and industry regulators. To speak with Attorney Pearce, call (800) 732-2889 or Contact Us online for a FREE INITIAL CONSULTATION with Attorney Pearce about your case.

Rate this Post

1 Star2 Stars3 Stars4 Stars5 Stars
Loading...