$3,428.56

Tax

FINRA

Price was named a respondent in a FINRA complaint alleging that he failed to comply with requests for documents and information that FINRA made in connection with its investigation into whether he borrowed money from customers of his member firm, including a particular client who held an advisory account with the firm. The complaint alleges that Price failed to provide full and complete testimony requested by FINRA. Price appeared for sworn testimony by video conference but refused to answer questions about the loan, which resulted in his termination from the firm and that was a subject of FINRA's investigation. After FINRA suspended the testimony due to the withdrawal of his counsel, Price subsequently refused to answer further questions, including concerning the loan. The information FINRA sought from Price through on-the-record testimony was material to its investigation of his termination and to whether he violated any securities laws or regulations or FINRA rules. Price's refusal to provide testimony and to answer requests for documents and information impeded and delayed FINRA's investigation. On August 30, 2021, Price was named a respondent in an amended FINRA complaint in which an additional cause of action was added to a FINRA complaint originally filed on April 1, 2021. The amended complaint alleges that Price borrowed $150,000 from a 72-year-old customer of his then member firm without notifying the firm of the loan and without the firm's approval of the loan in writing. The loan did not meet any of the conditions in the firm's written procedures for customer loans and, therefore, was prohibited. The loan also did not meet any of the conditions set forth in FINRA Rule 3240. The amended complaint also alleges that only after FINRA filed the original complaint did Price agree to resume his suspended on-the-record testimony and answer questions asked of him by FINRA, which impeded and delayed FINRA's investigation for more than a year.

Decision & Order of Offer of Settlement

Civil and Administrative Penalty(ies)/Fine(s)

$5,000.00

Suspension

all capacities

18 months

2/22/2022

8/21/2023

Without admitting or denying the allegations, Price consented to the sanctions and to the entry of findings that he failed to respond to FINRA’s requests for documents and information until after a complaint was filed in connection with an investigation into whether he borrowed money from an elderly customer or other customers of his member firm. The findings stated that Price failed to provide testimony about whether he borrowed money from the customer during his on-the-record testimony. When FINRA suspended Price’s testimony after his counsel withdrew his representation during the testimony, Price refused to appear later to complete his testimony until after FINRA initiated this proceeding. The findings also stated that Price borrowed $150,000 from the customer without receiving written permission from his firm prior to accepting the loan, as required by the firm’s written procedures. At the time of the loan, the firm’s written procedures prohibited lending or borrowing between registered representatives and firm customers unless one of several specified exceptions applied, and in all cases required the firm’s written approval prior to the issuance of the loan. Price did not notify the firm of the loan and none of the firm’s specified exceptions applied.

Edward Jones

Discharged

Concerns that registered representative engaged in a personal loan with a client