The nationally renowned stock fraud attorneys at Fitapelli Kurta are currently investigating claims against broker-dealer firm, Edward Jones.
Edward Jones is a registered broker-dealer firm formed in Missouri in 1941. Edward Jones’ main office is located at 12555 Manchester Road, St. Louis MO 63131. Edward Jones is registered with both the SEC and FINRA. Edward Jones has offices
Edward Jones has a lengthy history of investor and customer complaints as well as a history of FINRA violations. The following are FINRA violations or customer complaints filed against Edward Jones or its’ brokers in 2014 alone.
In October 2014, Edward Jones was fined $100,000 when Edward Jones failed to implement and develop adequate money laundering procedures to reviewing deposits and liquidations of third-party stock certificates in customer accounts.
In July 2014, Edward Jones was fined over $21,000 for failing to use reasonable diligence to ascertain the most favorable market for a customer. Specifically, in ten transaction, Edward Jones purchased municipal securities for its own account from a customer at an aggregate price that was not fair. Of the 21,000 fine, over $3,000 was in restitution to the aggrieved customer.
In February 2014, Edward Jones was fined $750,000 for allowing its brokers to solicit customers by way of telephone calls, in direct violations New Hampshire securities laws.
In January 2014, Edward Jones was fined $200,000 and was ordered to pay over 50,000 in restitution to its customers when Edward Jones allowed its brokers to recommend nontraditional Exchange Traded Funds (ETFs) to customers without conducting due diligence on the ETFs. Edward Jones also failed to properly train its brokers regarding nontraditional ETTFs before allowing them to offer and sell them to customers. ETFs are typically no suitable for retail investors who plan to hold them for more than one trading session, and they are particularly unsuitable in volatile markets. Edward Jones failed to tell investors of these high risks associated with ETFs.
In August 2014 current Edward Jones broker, Alike A. Anderson filed for Chapter 13 bankruptcy in federal court. Alike A. Anderson has been a registered broker at Edward Jones since 2006.
In February 2014, former Edward Jones broker, Christopher David Mackey was fined 5,000 and suspended from the financial industry for 18 months when he effected 28 unauthorized transactions in 13 separate Edward Jones’ customer accounts. Specifically, these unauthorized transactions included the sales of almost $60,000 of equity securities and sales of $13,000 investment company securities. Christopher David Mackey was a registered representative of Edward Jones during these unauthorized transactions. Charles David Macke was terminated from Edward Jones as a result and is currently still suspended from the securities industry.
If you or someone you know has fallen victim to the financial misconduct of Edward Jones, Alike A. Anderson or one of its brokers, you may be entitled to full recovery of your losses. Many investors do not realize it, but the law provides investors with a path of recovery by way of arbitration through the Financial Industry Regulatory Authority (FINRA).
The law firm of Fitapelli Kurta prosecutes cases before FINRA arbitration panel for investors nationwide who have been victimized by broker-dealer firms like Edward Jones, or their brokers. The time to file a claim with FINRA is limited, so do not delay. Call 212-568-1502 now to speak directly to an attorney and discuss the merits of your case for free.