FINRA Suspends Broker for Conduct Related to Customer Complaint

Posted on August 21st, 2020 at 9:05 AM
FINRA Suspends Broker for Conduct Related to Customer Complaint

From the Desk of Jim Eccleston at Eccleston Law LLC:

Former Edward Jones broker, Michael A. Erwin, agreed to pay a $2,500 fine and serve a 10-day suspension from association with any FINRA member firm in all capacities. According to FINRA Enforcement, Erwin attempted to settle a customer complaint without the knowledge or approval of his firm.

According to a Letter of Acceptance, Waiver and Consent (“AWC”) signed by Erwin, he wrote a personal check for $2,500 to a customer in an effort to resolve a customer complaint. The customer complained that she lost money because Erwin failed to timely close an account in March 2020. According to FINRA, Edward Jones was aware of the customer complaint, but Erwin did not disclose to the firm that he paid money to the customer to settle the complaint.

According to FINRA, Erwin’s conduct violated FINRA Rule 2010. By signing the AWC, Erwin accepted and consented to the entry of FINRA’s findings, without admitting or denying those findings. In the AWC, FINRA Enforcement specified that settling or attempting to settle a customer complaint without the knowledge of approval of a registered representative’s member firm is conduct inconsistent with just and equitable principles of trade.

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 investors and advisors including Securities FraudCompliance ProtectionBreach of Fiduciary DutyFINRA Matters, 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.

Tags: finra, eccleston law, customer complaint, suspended broker

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Thank you for your professional assistance with this matter. You are very good at what you do.

John T.


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