Articles Tagged with Edward Jones

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Austin Wayne Morton, a previously registered broker with Edward D. Jones & Co. L.P. (Edward Jones), was named a Respondent in a Financial Industry Regulatory Authority (FINRA) complaint alleging that he converted $36,000 from his former customer, an elderly man suffering from dementia.

According to the FINRA complaint, Austin Wayne Morton, of Spiro, Oklahoma, allegedly kept $22,000 in cash that his elderly customer, whom Mr. Morton apparently knew since childhood, had withdrawn from his closed IRA account.  Mr. Morton is alleged by FINRA to have used those funds for his own benefit. Continue reading →

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James P. Hilty Jr., an Ocala, Florida based broker formerly employed with Edward D. Jones & Co., L.P. (Edward Jones) submitted a letter of Acceptance, Waiver, and Consent in which he consented to, but did not admit to or deny, the Financial Industry Regulatory Authority’s (FINRA) findings that he entered discretionary trades customers’ accounts without the necessary prior written customer authorization.

FINRA found that while employed as a General Securities Representative with Edward Jones, James Hilty exercised discretion in three customer accounts with the execution of 14 trades. In violation of NASD Conduct Rule 2510(b) and FINRA Rule 2010, Mr. Hilty neglected to obtain the necessary prior written authorization for discretionary trading from the customers or his member firm. FINRA stated that none of the customers were aware of the trades executed by Mr. Hilty at the time they were made. Mr. Hilty had instead previously spoken with the customers about a trading strategy, but he failed to discuss the subject trades prior to their execution or on the day of the trades. Continue reading →

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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.

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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.

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Dalas L. Gundersen, a former Registered Representative with the Willows, California branch of Edward Jones, submitted a letter of acceptance, waiver, and consent in which he consented to, but did not admit to or deny, the Financial Industry Regulatory Authority’s (FINRA) sanction and findings that he made unsuitable investment recommendations to his customers in light of their financial goals.

FINRA’s findings alleged that Dalas Gundersen, of Arbuckle California, recommended that a married couple invest in an intermediate municipal bond mutual fund, even though the investor couple had inquired about investing in oil and gas master limited partnerships. According to FINRA, the couple acted upon Mr. Gundersen’s recommendation and purchased nearly $1.26 million in mutual fund, which represented 80% of their net worth. Continue reading →

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Candius J. Bannister, of Sarasota, Florida, was named a respondent in a Financial Industry Regulatory Authority (FINRA) complaint alleging that she borrowed $31,500 from a customer in violation of her member firm’s and FINRA’s rules.

Formerly registered with both Edward Jones and Morgan Stanley, both Florida based broker dealers, the now unregistered Candius Bannister is alleged to have borrowed a total of $31,500 from a customer while employed with Edward Jones. She allegedly has not repaid the loans, as required by the promissory notes, and she allegedly neglected to request or receive pre-approval from Edward Jones with respect to the loans. Candius Bannister is alleged to have violated the rules of both Edward Jones and FINRA as a result of these transactions. Continue reading →