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Failure to adequately disclose an Outside Business Activity
6/23/2009
Employment Separation After Allegations
Firm Name
EDWARD JONES
Termination Type
Discharged
Allegations
SUBMITTED EXPENSE REIMBURSEMENT FOR COSTS NOT REIMBURSEABLE UNDER THE FIRM GUIDELINES
5/20/2008
Customer Dispute
Denied
Allegations
THE CLIENT'S DAUGHTER, WHO IS THE FINANCIAL POWER OF ATTORNEY, AND HER MOTHER ALLEGED THAT THERE WERE UNAUTHORIZED AND UNSUITABLE TRADES MADE IN THIS TRUST ACCOUNT. THEY QUESTIONED THE SALE OF SEVERAL MUTUAL FUNDS AND THE SUBSEQUENT PURCHASE OF FRONT END LOADED FUNDS. THEY ALSO QUESTIONED THE COMPOSITION OF THE PORTFOLIO FOR A 94 YEAR OLD WOMAN. THEY ARE ALLEGING LOSSES IN EXCESS OF $109,000.00.
Damage Amount Requested
$5,000.00
Broker Comment
THE CLIENT CONSOLIDATED HER MANY SECURITIES INTO HER ACCOUNT WITH OUR FIRM IN THE LATER PART OF 2006. SEVERAL OF THE INVESTMENTS THAT THE CLIENT ALLEGED WERE UNAUTHORIZED TOOK PLACE IN OCTOBER, NOVEMBER OF 2006. THE CLIENT RECEIVED TRADE CONFIRMATIONS AND STATEMENTS DISCLOSING THESE TRANSACTIONS. THE CLIENT ALSO RECEIVED A 1099 FOR 2006, WHICH DISCLOSED MOST OF THESE TRANSACTIONS, WHICH HAD TO BE USED IN HER TAX PREPARATION FOR 2007. THE FA'S OFFICE NOTES ON HIS SYSTEM INDICATED A LOT OF ACTIVITY WITH THIS CLIENT AND INDICATED THAT THE TRADES WERE AUTHORIZED. THE FA STATED THAT THE ACCOUNT WAS REFERRED TO HIS OFFICE BY THE CLIENT'S ATTORNEY IN ORDER TO CONSOLIDATE HER SECURITIES AND MAKE TAX FILING EASIER. THE FA INDICATED THAT ALL TRADES WERE DISCUSSED WITH THE CLIENT AND ALL TRADES WERE AUTHORIZED. NO REIMBURSEMENT WAS OFFERED.
3/14/2001
Customer Dispute
Denied
Allegations
THE CLIENT INVESTED $190,000 IN TWO MUTUAL FUNDS ON 1/3/01. THE CLIENT IS UNHAPPY WITH THE
PERFORMANCE OF THE FUNDS AND CURRENTLY HAS AN UNREALIZED LOSS EXCEEDING $30,000.
Damage Amount Requested
$30,000.00
Broker Comment
WAGNER STATED HIS DISCUSSIONS OF THE PRODUCT INCLUDED THE RISK ASSOCIATED WITH MARKET
FLUCTUATION. IT APPEARS THE TRANSACTIONS WERE AUTHORIZED AND IN LINE WITH THE CLIENT'S
STATED INVESTMENT OBJECTIVES AND FINANCIAL WHEREWITHAL. CLAIM DENIED.
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.
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.