The Financial Industry Regulatory Authority (“FINRA”) arbitration panel recently dismissed a temporary restraining order (“TRO”) against a former Edward Jones broker who initially agreed to the TRO prohibiting him from telling customers about his move to Ameriprise.
An Indianapolis federal court has denied a motion by Edward Jones for a temporary restraining order ("TRO") against a former broker who joined a competing firm.
Edward Jones is concerned. In an SEC filing earlier this year, it warned that fiduciary rule enactments by individual states “may have an adverse effect on the partnership’s financial condition, results of operations and liquidity.” Likewise, last year Edward Jones (and seven other brokerages) asked the CFP Board to delay its new fiduciary rules, urging that the SEC’s Reg BI instead should govern so as to avoid conflicts in the two rules.
Edward D. Jones & Co. has filed a temporary restraining order (TRO) in the U.S. District Court in Omaha to prevent a Nebraska financial advisor from communicating with clients whose account and contact information he allegedly printed out a day before he was terminated by the firm.
Edward Jones is suing two advisors who moved to Ameriprise for allegedly violating non-solicitation agreements, making this the latest case of a brokerage firm taking its former employees to court over client contacts.
Edward Jones has filed a temporary restraining order against a recently terminated financial advisor from San Carlos, California for allegedly taking trade secrets and client information with him after he left the firm in violation of firm policy.
Former Edward Jones financial advisor, Bernard Parker was sentenced to 87 months in federal prison for running a six-year $1.2 million Ponzi scheme.
In 2015, wirehouse firms such as UBS Financial, Merrill Lynch, Wells Fargo Advisors and Morgan Stanley, incurred a net loss of 312 reps.
The Financial Industry Regulatory Authority (FINRA) continues to fine broker dealers for charging improper fees for mutual funds. The recent firms are Edward Jones, Stifel Nicolaus & Co., Janney Montgomery, AXA Advisors, and Stephens Inc. They were fined a cumulative total of $18.4 million according to FINRA’s most recent announcement.
