FINRA Sanctions Former Edward Jones Financial Advisor for Unauthorized Trades

Posted on February 12th, 2024 at 10:57 AM
FINRA Sanctions Former Edward Jones Financial Advisor for Unauthorized Trades

From the desk of Jim Eccleston at Eccleston Law 

A former Edward Jones financial advisor in San Francisco, Jilena Yuen-Han Mok, has been fined and suspended by the Financial Industry Regulatory Authority (FINRA) for engaging in unauthorized trading.

Mok agreed to a two-month suspension and a $10,000 fine, neither admitting nor denying FINRA's findings. The AWC (Acceptance, Waiver, and Consent) reflects that Mok placed 11 unauthorized trades in a customer's account in April 2022. Additionally, between November 2020 and October 2022, she allegedly exercised discretionary authority by executing 108 trades in non-discretionary accounts of nine other customers without obtaining their prior permission on the day of the trades, as per FINRA. Those actions were deemed to violate FINRA's rule against the misuse of discretion and Rule 2010, emphasizing "high standards" of conduct.

According to AdvisorHub, Edward Jones offered to reverse the unauthorized trades; however, the customer declined. FINRA commenced its investigation into Mok after receiving a customer complaint, per the AWC.

 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law, finra

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