Tr?id=566623520170033&ev=PageView&noscript=1

Former Edward Jones Advisor Suspended For Illegally Borrowing $150K From Client

Posted on January 31st, 2022 at 12:20 PM
Former Edward Jones Advisor Suspended For Illegally Borrowing $150K From Client

From the Desk of Jim Eccleston at Eccleston Law:

The Financial Industry Regulatory Authority (FINRA) has suspended a former Edward Jones advisor who allegedly borrowed $150,000 from a client to cover debts incurred by an unprofitable golf-cart business operated by he and his wife. 

The Indianapolis-based advisor, Alan Price, received an 18-month suspension and $5,000 fine after he violated FINRA rules prohibiting unapproved borrowing from clients, according to the settlement. Price additionally violated industry rules by initially failing to provide documents and information as requested by regulators, according to FINRA. Price was terminated from Edward Jones in March 2020 and had subsequently joined Thurston Springer Financial in August 2021, according to BrokerCheck. 

FINRA alleges that Price opened his golf-cart business in 2014, but Price failed to ever earn a profit and accrued substantial debts. In June 2019, a 72-year-old client offered to loan Price funds under conditions that called for 10% interest and $1,800 monthly repayments, according to FINRA. FINRA further alleges that Price and the client did not create any written agreement to authenticate the terms, while the withdrawal of funds reduced the client’s portfolio by 21%. 

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

 

Tags: eccleston, eccleston law, edward jones, suspension, finra

Return to Archive

TESTIMONIALS

Previous
Next
Quotes Bigger

I cannot thank you enough for your guidance. It's a good feeling knowing someone is fighting for you.

Matt J.

LATEST NEWS AND ARTICLES

1783012078 Law
July 2, 2026
Financial Services Institute Backs New Jersey Bill Protecting Independent Advisor Model

The Financial Services Institute (FSI) has urged New Jersey lawmakers to advance legislation that would help preserve the independent contractor status of financial advisors operating in the state.

1782920284 Law
July 1, 2026
Private Credit Funds Face Scrutiny Over Software Exposure Amid Investor Concerns

Private credit fund managers are facing increased scrutiny over their exposure to software companies as investors continue to pull money from the sector during ongoing market volatility.

1782836587 Law
June 30, 2026
FINRA Signals Stronger Enforcement Focus on Reg BI, Excessive Trading, and Best Execution

The Financial Industry Regulatory Authority (FINRA) plans to intensify its enforcement efforts against Regulation Best Interest (Reg BI) violations, excessive trading, options trading, churning, and best execution failures after bringing a record number of retail investor protection cases in 2025, according to ThinkAdvisor.