Michael Patrick Donnelly - Investment Adviser at EDWARD JONES

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Detailed ReportReport

Michael Patrick Donnelly

MICHAEL DONNELLY, MIKE DONNELLY

CRD#: 3251318

Investment Adviser

Broker

EDWARD JONESCRD#: 250

2406 CHARLES STREET SUITE 1-A
ROCKFORD, IL 61108

Registration History

Disclosure(s)

View By:

12/9/2002

Customer Dispute

Denied

Allegations

CLIENT CLAIMS HE WOULD NOT HAVE TURNED OVER HIS $27,000 IF HAD NOT BEEN DECEIVED. CLIENT CLAIMS HE WAS UNAWARE OF THE MARGIN ACCOUNT AND CLAIMS HE IS OUT $13,000. OUR RECORDS REFLECT NO LOSS OF MONEY AS FUNDS WERE MOVED FROM MARGIN TO CASH ACCOUNT AND THEN WITHDRAWN BY THE CLIENT. THE FILING IS BEING DONE BASED ON THE CLIENTS ALLEGED DAMAGES.

Damage Amount Requested

$13,000.00

Broker Comment

IR STATED CLIENT CONTACTED HIM REGARDING THE NEED TO OBTAIN FUNDS. IR INFORMED CLIENT THERE WERE TWO OPTIONS---SELL THE CLIENT'S BOND OR ESTABLISH A LOAN USING THE BOND AS COLLATERAL. IT APPEARS THAT CLIENT ELECTED TO BORROW AGAINST THE BOND. IR STATED HE MAY NOT HAVE USED THE TERM "MARGIN ACCOUNT;" HOWEVER, CLIENT WAS FULLY INFORMED HE WAS BORROWING THE MONEY AGAINST HIS BOND AND HE WOULD PAY INTEREST ON THE OUTSTANDING LOAN. ALL ACTIVITY REGARDING THE LOAN WOULD HAVE BEEN REFLECTED ON CUSTOMER ACCOUNT STATEMENTS, AND A SINGLE ACCOUNT AUTHORIZATION FORM AUTHORIZING MARGIN ACTIVITY WOULD HAVE BEEN EXECUTED. ON 8/12/02, $8,000 OF THE BOND WAS LIQUIDATED WITH THE PROCEEDS PLACED IN CLIENT'S MONEY MARKET ACCOUNT. THE LOAN WAS ESTABLISHED IN 11/02 WITH FUNDS MOVED FROM THE LOAN (MARGIN) ACCOUNT TO MONEY MARKET ACCOUNT. RECORDS INDICATE SEVERAL TRANSFERS OF MONEY OCCURRED FROM THE LOAN ACCOUNT TO THE MONEY MARKET ACCOUNT THROUGH 11/02 AND THE BEGINNING OF 12/02 ALL FUNDS WERE TRANSFERRED TO CLIENT'S MONEY MARKET ACCOUNT AND THEN APPARENTLY REMOVED BY CLIENT THROUGH VISA CARD CASH ADVANCES. THE REMAINDER OF THE BOND WAS LIQUIDATED ON 12/5/02 WITH THE PROCEEDS ($19,289.75) APPLIED TO THE LOAN ACCOUNT PAYING OFF THE LOAN BALANCE ($14,578.77). THE REMAINDER OF THE SELL PROCEEDS AND THE BALANCE OF MONEY MARKET ACCOUNT ($4,776.59) WERE SENT TO CLIENT 12/19/02. BASED ON THIS REVIEW, IT APPEARS CLIENT WAS AWARE HE WAS ESTABLISHING A LOAN (MARGIN ACCOUNT) WITH THE UNDERSTANDING INTEREST WOULD BE INCURRED ON THE LOAN BALANCE. FURTHER, IT APPEARS THE FUNDS PROVIDED THROUGH THE LOAN WERE PLACED IN MONEY MARKET ACCOUNT AND WITHDRAWN BY CLIENT FOR PERSONAL USE. A REVIEW OF THE PROCEEDS RECEIVED FROM THE LIQUIDATIONS OF THE BOND REFLECT NO LOSS WAS INCURRED. NO ADJUSTMENT TO THE ACCOUNT IS DUE THE CLIENT.

License(s)

State Registrations

Alabama 2/23/2023

Missouri 10/25/1999

Arizona 8/17/2001

Nevada 6/9/2014

Arkansas 9/27/2012

New Hampshire 5/1/2023

California 9/15/2005

New Mexico 9/3/2019

Colorado 4/15/2003

New York 2/5/2020

Connecticut 6/30/2010

North Carolina 2/13/2013

Florida 8/22/2000

Ohio 10/25/1999

Georgia 10/22/1999

Oklahoma 8/9/2021

Hawaii 3/14/2017

Oregon 7/31/2015

Idaho 7/31/2020

Pennsylvania 11/13/2006

Illinois 9/21/1999

South Carolina 5/2/2012

Illinois 4/3/2007

Tennessee 1/3/2020

Indiana 10/22/1999

Texas 8/25/2023

Iowa 6/4/2008

Texas 8/31/2023

Kansas 9/21/2020

Virginia 6/12/2008

Massachusetts 8/27/2014

Washington 1/3/2012

Michigan 10/22/1999

Wisconsin 10/27/1999

Minnesota 2/1/2005

SRO Registrations

FINRA

NYSE American LLC

Nasdaq Stock Market

New York Stock Exchange

View Exams Passed by the individual in the detailed report

Learn about permitted activities of registered representatives

Learn about permitted activities of registered principals

Not all jurisdictions require IAR registration or may have an exemption from registration.

Current Registration(s)

EDWARD JONES (CRD#:250)

2406 CHARLES STREET SUITE 1-A, ROCKFORD, IL 61108

Registered with this firm since 4/3/2007

EDWARD JONES (CRD#:250)

2406 CHARLES STREET SUITE 1-A, ROCKFORD, IL 61108

Registered with this firm since 8/24/1999

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Broker

A brokerage firm, also called a broker-dealer, is in the business of buying and selling securities – stocks, bonds, mutual funds, and certain other investment products – on behalf of its customer (as broker), for its own bank (dealer), or both. Individuals who work for broker-dealers - the sales personnel are commonly referred to as brokers.

Investment Adviser

An investment adviser is paid for providing advice about securities to clients. In addition, some investment advisers manage investment portfolios and offer financial planning services.

Disclosures

Disclosures can be customer complaints or arbitrations, regulatory actions, employment terminations, bankruptcy filings and certain civil or criminal proceedings that they were a part of.