Adam Bollinger of Chandler, Arizona submitted a Letter of Acceptance, Waiver and Consent (AWC) to The Department of Enforcement of the Financial Industry Regulatory Authority for allegedly converting client funds for his own personal use. Bollinger became registered through a FINRA member firm in August 2012. From August 2012 through December 2014, Bollinger was registered with Edward D. Jones & Co., L.P. (Edward Jones) as a General Securities Representative. On December 23, 2014 his registration was terminated as a result of his alleged actions.
FINRA found, between February and December 2014, Bollinger converted $17,525 from seven individuals, six of whom were Edward Jones clients. FINRA alleged that Bollinger, sometimes under the guise of soliciting charitable contributions, requested individuals make out checks payable to him. Instead of using charitable contributions to his claimed cause, Bollinger allegedly converted and used the monies for his own personal use.
Bollinger allegedly made up fictitious charities and solicited donations and several occasions, many times returning to those who donated for further contributions. Bollinger made sure all checks were made out to be payable to him rather than to his claimed charity and converted the funds for his own use. In his alleged actions, Bollinger violated FINRA Rules 2150 and 2010.
Without admitting or denying the FINRA findings, Bollinger agreed to the sanctions and 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 like Edward Jones to not only establish and implement a reasonable supervisory system but enforce their rules, policies and procedures. 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 firms, such as Edward Jones own policies and procedures. If broker dealers and/or their supervisors do not establish, implement and enforce 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 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 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.