FINRA Fines Edward Jones $725,000 For Failure to Supervise

Posted on July 19th, 2017 at 4:54 PM
FINRA Fines Edward Jones $725,000 For Failure to Supervise

From the Desk of Jim Eccleston at Eccleston Law LLC:

FINRA has announced that it has fined Edward Jones $725,000 because it failed to have systems and supervisory related to the issuance of consolidated client brokerage reports from 2010 to 2014.  

According to FINRA, 16,000 advisors created and shared approximately 52 million client reports from over the four-year period. However, even though the reports did contain disclosures stating that they were “not account statements and should not be relied upon as account statements,” and that the reports were “created as a courtesy and… may include information about assets that are not held at or may not have been verified by Edward Jones,” FINRA still imposed a fine. Moreover, FINRA asserted that the disclosures were not sufficient, stating that Edward Jones failed to establish, maintain and enforce an effective supervisory system for the 52 million client reports created and shared by its advisors.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial advisors including Broker Litigation & ArbitrationStrategic Consulting ServicesRegulatory  MattersTransition Contract Review, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

Tags: Eccleston, Eccleston Law, James Eccleston, Eccleston Law LLC

Return to Archive

TESTIMONIALS

Previous
Next

I have the best legal firm in the country to defend me. Awesome job!

Cindy C.

LATEST NEWS AND ARTICLES

August 15, 2022
FINRA Proposal Would Permit Private Homes to Serve as Non-Branch Offices

The Financial Industry Regulatory Authority (FINRA) has filed proposed changes to FINRA Rule 3110 with the Securities and Exchange Commission (SEC).

August 12, 2022
SEC Charges J.P. Morgan, UBS, and TradeStation for Deficiencies Pertaining to the Prevention of Customer Identify Theft

The Securities and Exchange Commission (SEC) has charged J.P. Morgan Securities, UBS Financial Services, and TradeStation Securities over deficiencies in their programs designed to prevent client identify theft, which violates the SEC’s Identity Theft Red Flags Rule, or Regulation S-ID.

August 11, 2022
FINRA Suspends Former Schwab Advisor for Failing to Disclose Felony Charges

The Financial Industry Regulatory Authority (FINRA) has suspended a former Charles Schwab advisor who allegedly failed to disclose multiple felony charges.