Edward Jones (“Edward Jones”) (CRD# 250) has many different complaints filed by FINRA (Financial Industry Regulatory Authority), state regulatory organizations, and investors such as yourself. At the Law Offices of Robert Wayne Pearce, we have investigated Edward Jones, its regulatory and customer complaints, and have also represented investors with claims of fraud, negligence, and breach of fiduciary duty against this organization and its financial advisors.
If you believe you have a claim against Edward Jones, you should strongly consider hiring an investment fraud lawyer. You should not wait until it’s too late to file a claim. The Law Offices of Robert Wayne Pearce, P.A., offers free consultations. Give us a call at 800-732-2889. Let’s discuss your case and see what we can do to help you get the compensation you need and deserve.
Can I Sue Edward Jones?
If you’ve lost money caused by Edward Jones and/or its employees’ misconduct then the answer is, YES, you can sue Edward Jones, but the odds are you signed away your right to sue in court and agreed to resolve your dispute in a FINRA arbitration proceeding. Attorney Robert Wayne Pearce has over 40 years of personal experience in FINRA arbitration proceedings and knows very well how you can not only sue Edward Jones in FINRA arbitration proceedings but WIN that arbitration. The easiest way to know if you have a viable case against Edward Jones is to call Attorney Pearce at our office at 800-732-2889.
Investment Losses? We Can Help
Discuss your legal options with an attorney at The Law Offices of Robert Wayne Pearce, P.A.
or, give us a ring at (800) 732-2889.
What is Edward Jones?
Edward Jones (CRD#250) is a registered broker-dealer. It operates as a full-service broker-dealer, providing a range of financial products and services to individual investors and financial advisors.
As a registered broker-dealer, Edward Jones is subject to regulations and oversight by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). It is required to comply with industry standards and regulations to ensure the protection of its clients’ interests.
A failure to comply with industry standards by either its brokers or the firm itself can result in disciplinary actions, fines, or other penalties imposed by regulatory authorities.
Edward Jones Has Many Different Regulatory Problems
Edward Jones’ rapid growth has not been without consequences. There have been approximately 76 state and self-regulatory body disclosure events; that is, final and formal proceedings initiated by a regulatory authority (e.g., a state or federal securities agency like the U.S. Securities and Exchange Commission (SEC) or self-regulatory body like the Financial Industry Regulatory Authority (FINRA) and the North American Securities Administrators Association (NASAA) for a violation(s) of investment-related rules or regulations. In addition, there have been hundreds of customer complaints filed against Edward Jonesfor misconduct by its securities sales and investment advisory representatives that are not reported by the firm on its Central Depository Record.
We have reported and written about these regulatory problems and customer complaints over many years. Edward Jones is a repeat offender: there are over 76 FINRA-reported proceedings citing the firm with one form of supervisory lapses or another.
A Brief Overview of Some of the Regulatory Problems Edward Jones Has Faced Over the Years*
Edward Jones has been repeatedly censured, warned, and fined multi-millions of dollars for its own misconduct and failure to supervise its army of financial advisors.* A few of the notable FINRA Sanctions for its Supervisory Failures are below:
Washington State Securities Division Fines Edward Jones for Failure to Supervise Financial Advisor Who Received $550,000.00 from an Elderly Client
Brief Overview: The Washington State Department of Financial Institutions Securities Division alleged that between 2017 and 2021, Edward Jones failed to supervise a former financial advisor, who the division alleged received payments of gifts and loans totaling approximately $550,000.00 from an elderly client without disclosing the payments to Edward jones. The division further alleged that Edward Jones failed to detect the financial advisor’s undisclosed outside business. As a result, the firm was fined $175,000.00.
Edward Jones Censured and Fined for Failing to Produce Call Records in Response to FINRA Document Requests
Brief Overview: Without admitting or denying the findings, Edward Jones consented to the sanctions and to the entry of FINRA findings that it failed to timely, completely, and accurately produce certain phone records in response to FINRA’s requests for documents in connection with its investigations into allegations of potential misconduct, including unauthorized trading, discretionary trading, and excessive trading. FINRA stated that in responding to these requests, the firm failed to search a storage location it used with an analytics tool for business planning, not retention or production, purposes that contained call detail records older than 18 months and thus housed responsive documents. In addition, in most of the investigations, the firm inaccurately represented in the text of its responses or in a legend attached to its productions, that records older than 18 months were not available. As a result, Edward Jones was fined $1.1 million.
Nevada Securities Division Fines and Orders Edward Jones to Cease-and Desist for Failure to Supervise Financial Advisor
Brief Overview: The Nevada Securities Division alleged that Edward Jones failed to establish and maintain a system to supervise the activities of its associated persons that is reasonably designed to achieve compliance with the Nevada Securities Act. Specifically, that the firm failed to supervise a former financial advisor who had offered and sold personal seat licenses (personal seat licenses for professional football team) to an Edward Jones client. The division also alleged that the former financial advisor never delivered the personal seat licenses to the client. As a result, Edward Jones agreed to pay $50,000.00 and $2,762.57 as a civil penalty and investigatory costs.
Edward Jones Consents to South Dakota Division of Regulation Findings that the Firm Failed to Supervise Financial Advisor’s Mutual Fund Sales
Brief Overview: Without admitting or denying the allegations, Edward Jones agreed to a consent order with the South Dakota Division of Regulation to resolve a matter involving the firms’ alleged failure to supervise a single financial advisor in connection with that financial advisor’s recommendation of certain mutual funds to the customer in violation of the South Dakota Securities Act and FINRA Rules 2010 and 3110. Edward Jones agreed to pay the division $10,000 for the costs of their investigation and to make an offer of settlement to the customer in the amount of $2,406.47.
FINRA Censures and Fines Edward Jones for Filing Misleading U4s
Brief Overview: Without admitting or denying the findings, the Edward Jones consented to FINRA sanctions and to the entry of findings that it filed forms U4 containing misleading information about the amount of alleged damages in customers’ complaints. FINRA stated that the firm’s disclosures of customer complaints understated the customers’ alleged damages. The inaccuracies in the firm’s form U4 filings resulted from a misunderstanding by certain of its associates about the applicable requirements for disclosing customers’ complaints. FINRA identified the inaccuracies, and the firm was censured, fined $40,000, and ordered to certify in writing that the firm has reviewed its systems, policies, and procedures governing the firm’s review, analysis, and disclosure of alleged damages in customer complaints and that the firm has established and implemented systems, policies, and procedures governing the review.
*Above are only some of the regulatory disciplinary actions filed against Edward Jones by FINRA. NASSA and other state securities regulator investigations and enforcement actions account for another 71 BrokerCheck disclosures.
Edward Jones Customer Complaints
There have been scores of customer complaints filed against Edward Jones stockbrokers and investment advisors over the years. We have launched many investigations of current and former Edward Jones advisors:
- Anthony Hall of Edward Jones
- Edward Delaney of Edward Jones
- Jeremy Mckitrick of Edward Jones
- Howard Ginkel of Edward Jones
- Al Quintana Of Edward Jones
- Alan Stroshine of Edward Jones
- Aly Mady formerly with Edward Jones
- Antony Marshall formerly with Edward Jones
- Billy Estes of Edward Jones
- Brian Cobb of Edward Jones
- Brian Engleman of Edward Jones
- Brian Baughman of Edward Jones
- Tara Rotfeld of Edward Jones
- Adam Saporsky of Edward Jones
- Nicholas Schnarr of Edward Jones
- Mason Schultz Formerly With Edward Jones
- Byron Schuster of Edward Jones
- David Scott of Edward Jones
- Jenna Short of Edward Jones
- Gary Stuart of Edward Jones
- Craig Tomasek of Edward Jones
- Randall Wachman of Edward Jones
- Michael Willard Formerly With Edward Jones
- Michael Williams of Edward Jones
- Shirley Willis of Edward Jones
- Kyle Woods of Edward Jones
- Timothy Dolan of Edward Jones
- Hayley Beard of Edward Jones
- Tamra Ellis of Edward Jones
- Norbert Endl of Edward Jones
- Steven Follett Formerly With Edward Jones
- Dustin Insley of Edward Jones
- Barry Jackson of Edward Jones
- Tyler Gilberg of Edward Jones
- John Gogolin of Edward Jones
- Andrew Hall of Edward Jones
- Dylan Hales of Edward Jones
- James Hauser of Edward Jones
- Colton Hill of Edward Jones
- Cooper Helm of Edward Jones
- David Howison of Edward Jones
- Zhiwei Jiang of Edward Jones
- Asa Jewett of Edward Jones
- Dianna Knudsen of Edward Jones
- Jared Kohn of Edward Jones
- Ryan Krause of Edward Jones
- Joshua Langdon of Edward Jones
- Jeffrey Lattimer of Edward Jones
- Abelardo Leal of Edward Jones
- Jeffrey Lee of Edward Jones
- Stuart Lesser of Edward Jones
- Natalie Lim-Taylor of Edward Jones
- Maria Litzinger of Edward Jones
- John Loehr of Edward Jones
- Jayne Wakeman of Edward Jones
- Teresa Mathies of Edward Jones
- Michael Millage of Edward Jones
- Harutuyn Mkhitarian of Edward Jones
- Kaley Mora of Edward Jones
- LeAnne Morris of Edward Jones
- Jonathan Nance of Edward Jones
- Jared Nuxoll of Edward Jones
- Robert Pascale of Edward Jones
- Jacee Pilkington of Edward Jones
- Sheryl Rains of Edward Jones
- Ronald Beckner Formerly With Edward Jones
- Scott Jamison formerly with Edward Jones
- Robert Burck of Edward Jones
- Daniel Burns of Edward Jones
- Donald Charlson of Edward Jones
- Jeffrey Cleckner of Edward Jones
- Ronald Endicott of Edward Jones
- Paul Curran of Edward Jones
- Donald Gage of Edward Jones
- Jeramie Grosenbacher of Edward Jones
- Joseph Delsignore of Edward Jones
- Timothy Dolan of Edward Jones
- James Haselton of Edward Jones
- Meredith Hoffman of Edward Jones
- Joseph Leighton of Edward Jones
- Lonnie Olson of Edward Jones
- Steven Miller of Edward Jones
- Stanley Schmidt of Edward Jones
- Steve Soma of Edward Jones
- Mary Rapert of Edward Jones
- David Strnad of Edward Jones
- Russel Surber of Edward Jones
- Peter Walters Formerly With Edward Jones?
- Charles Weathers of Edward Jones
- Vivian Wilcox of Edward Jones Reviews
- Douglas Williams Formerly With Edward Jones
- Joshua Albert of Edward Jones
- Brent Albrechtsen of Edward Jones
- Mario Ayala of Edward Jones
- Anand Bokde of Edward Jones
- Scott Blando of Edward Jones
- Benjamin Blake of Edward Jones
- Tawn Bullock of Edward Jones
- Christopher Bracken of Edward Jones
- Douglas Carson Formerly With Edward Jones
- Sarah Cecil of Edward Jones
- William Collin of Edward Jones
- Jed Conradi of Edward Jones
- Martin Coward of Edward Jones
- Roderick Trahan of Edward Jones
- Afifa Yusof formerly with Edward Jones
- Brian Homra of Edward Jones
- Christopher Landon of Edward Jones
- Charles Harris formerly with Edward Jones
- Brandon DuBose of Edward Jones
- Craig Foreman of Edward Jones
- Betti Gardner of Edward Jones
- Bradley Hayes formerly with Edward Jones
- Christopher Jones of Edward Jones
- Christopher Castoro of Edward Jones
- Courtney Kucish of Edward Jones
- Daniel Pellerin of Edward Jones
- Darrin Guay of Edward Jones
- David Meminger formerly with Edward Jones
- David Nadeau of Edward Jones
- David Peterson of Edward Jones
- Edward Lex of Edward Jones
- Elwis Johnson of Edward Jones
- Erick Bates of Edward Jones
- Hoyte Cole of Edward Jones
- James Merrill of Edward Jones
- James Bowdish of Edward Jones
- Jami McFeeters of Edward Jones
- Javelin San Nicolas formerly with Edward Jones
- Jerry Lawhead of Edward Jones
- John Davis of Edward Jones
- Jon Scheier formerly with Edward Jones
- Jonathan Strandlie of Edward Jones
- Jonathan Hermelbracht of Edward Jones
- Joshua Nix of Edward Jones
- Joshua Ureke of Edward Jones
- Kathryn Prescott of Edward Jones
- Kerri Spielman of Edward Jones
- Kimberly Lowry of Edward Jones
- Leigh Anne Parker of Edward Jones
- Linda Olson of Edward Jones
- Marcus Johnson of Edward Jones
- Who is Mark Starr formerly with Edward Jones
- Matthew Denman formerly with Edward Jones
- Matthew Rollins Edward Jones
- Michael Minotti of Edward Jones
- Michelle Willingham of Edward Jones
- Nathan Spudich of Edward Jones
- Nathaniel Miller of Edward Jones
- Patrick Gilbride of Edward Jones
- Patrick Dyer of Edward Jones
- Richard Excell of Edward Jones
- Robert Prins of Edward Jones
- Robert Darnall formerly with Edward Jones
- Ryan Catlin of Edward Jones
- Samuel Vriezema formerly with Edward Jones
- Scott Kitterman of Edward Jones
- Shaun Weber of Edward Jones
- Terry Cutrer of Edward Jones
- Thomas Borich of Edward Jones
- Thomas Tavolacci of Edward Jones
- Tracy Gundert of Edward Jones
- Trenton Murfin of Edward Jones
- Adam Lory of Edward Jones
- James Green formerly with Edward Jones
- Kaye Anderson of Edward Jones
- Kraig Osborne of Edward Jones
- Richard Goldston formerly with Edward Jones
- Roman Anaya of Edward Jones
- Casey Styer of Edward Jones
- Amy Tucker of Edward Jones
- Jerome Wenner of Edward Jones
- Winston Felix of Edward Jones
- Margaret Connors of Edward Jones
- Paul Magnani of Edward Jones
- Jeffrey Meyer of Edward Jones
- Raymond Thompson, Jr of Edward Jones
- Troy Aucoin of Commonwealth Financial Network
- Thomas Bryant, Jr of Edward Jones
- Richard Goldston formerly with Edward Jones
- Christopher Hall of Edward Jones
- Maureen Kane of Edward Jones
- Alexa Lawson of Edward Jones
- Margaret Pagano of Edward Jones
- Jeremy Angevine of Edward Jones
- Edgar Arango of J.P. Morgan Securities LLC
- William Benson of Edward Jones
- John Bourne of Edward Jones
- Joseph Cerullo, Jr. of Edward Jones
- Albert Collingbourne, IV of Edward Jones
- John Pock of Edward Jones
- Renee Harris-Christian of Edward Jones
- Todd Bruns of Edward Jones
- Lonnie Bull of Edward Jones
- Aaron Davis of Edward Jones
- George Lucke of Edward Jones
- Steven Dull of Edward Jones
- Robert Gevjan, Jr. of Edward Jones
- Joshua Hardt of Edward Jones
- Charles Beyer of Edward Jones
- Sarah Reznick of Edward Jones
- Matthew Rhode of Edward Jones
- Alessandra Graber of Edward Jones
- Jeffrey Stotler of Edward Jones
- Shaun Verner of Edward Jones
- Lori Cannon of Edward Jones
- Brandon Harbrecht of Edward Jones
- Robert Eaker of Edward Jones
- Grant Krieger of Edward Jones
- Shelley Moffatt of Edward Jones
- Brian Kljun of Edward Jones
- Lincoln Mason formerly with Edward Jones
- Aileen Low of Edward Jones Reviews
- Joyce Mechler of Edward Jones Reviews
- Ovid Davis III of Edward Jones Reviews
- Jordan Gibson of Edward Jones Reviews
- Jay Lovin of Edward Jones Reviews
- Timothy Young of Edward Jones Reviews
- Paul Hernandez Formerly With Avantax Investment Services Reviews
- Patrick Pepper Of LPL Financial LLC Reviews
- Thomas Rose Of Edward Jones Reviews
- Kenneth Surber of Edward Jones Reviews
- James Van Pelt of Edward Jones Reviews
- Daryl Arnell of Edward Jones Reviews
- Matthew Beggs of Edward Jones Reviews
- Joshua Cox of LPL Financial LLC Reviews
- Andrew Cox of Edward Jones Reviews
- Mark Allen of Edward Jones Reviews
- Kimson Cao of Edward Jones Reviews
- Bryan Anderson of Edward Jones Reviews
If you have lost money investing with any of these Edward Jones advisors or others within this brokerage firm, it’s important that you reach out to an investment loss attorney quickly because the statutes of limitations can bar your claims. Call us at 800-732-2889.
Why Does Edward Jones Have So Many Regulatory Problems And Customer Complaints?
Independent broker-dealers are notorious for their lax supervisory practices and procedures. The business model of these franchise type operations is to open many offices nationwide for steady growth of fixed monthly revenues without the costs attendant to a full-service branch office with on-site manager, compliance officer and operation personnel. The registered representatives of these independent broker-dealers generally operate as separately incorporated businesses. They are not employees of the broker-dealer and therefore not controlled in the same manner as full-service brokerage firm representatives. The registered representatives control their structure and costs to maximize profits and often leave the protection of investors’ rights and interests as their lowest priority.
The typical supervisory organization of independent broker-dealer operations is to have other independent contractors operate Offices of Supervisory Jurisdiction (OSJs) to monitor the registered representatives from geographically remote offices and then report to the main franchisor’s compliance office at national headquarters. The supervisors at the OSJs are not employees of the franchisor and often run their own brokerage, insurance and other businesses. They are not devoted full-time supervisors of the smaller branch offices. Consequently, OSJ managers cannot and do not supervise the day-to-day operations of the registered representatives of these Independent broker-dealers.
Generally, there is no immediate review of new accounts opened, securities transactions, business records, cash or securities receipts and deliveries, correspondence and business activities unrelated to the securities brokerage operation at these independent brokerage firms. The lax supervision leaves investors who have transferred their accounts to the smaller independent broker-dealer vulnerable to sales of securities that have not been reviewed or authorized by anyone other than the sales representative earning a commission. There may be no one onsite to detect forgeries of clients’ signatures on documents, the placement of inaccurate information about a client’s investment objectives and financial condition to document the suitability of a particular investment recommendation. Oftentimes there is no daily review of sales literature and client correspondence to protect against misrepresentations and misleading statements being made to investors. In fact, it is not unusual for there to be only one compliance audit visit per year at many of these offices.
These Independent brokerage business operations are worrisome to the North American Securities Administrators Association (NASAA), which has documented more instances of sales abuse and consequently investor losses at these firms than the traditional brokerage firms with branch offices with on-site managers and compliance personnel.
Did Edward Jones Advisor Misconduct Cause You Investment Losses?
When financial advisor misconduct has caused you to lose substantial value to your investment accounts, you have the right to seek reimbursement from the responsible parties. Edward Jones is responsible like any employer for its financial advisors’ acts and omissions. In addition, it has an independent duty to supervise its stockbrokers and investment advisors. These cases can be extremely complex, and so having the support of a reputable attorney who is experienced in recovering investment losses for investors is key to your success. Many customers make the mistake of contacting Edward Jones without representation with an attorney about their complaints and have their complaints denied.
Related Read: Can You Sue Your Brokerage Firm?
Investment Losses? We Can Help
Discuss your legal options with an attorney at The Law Offices of Robert Wayne Pearce, P.A.
or, give us a ring at (800) 732-2889.
Consult With An Attorney Who Recovers Investment Losses Caused By Edward Jones Today!
The investment loss attorneys at The Law Offices of Robert Wayne Pearce, P.A., have helped countless investors over the last 40 years recover the losses from their investment accounts that were caused by broker negligence or misconduct. The firm has extensive experience with Edward Jones cases, and Attorney Pearce is committed to seeing that those responsible for the losses you have suffered are held fully accountable.
Give us a call at 800-732-2889. Let’s discuss your case and see what we can do to help you get the compensation you need and deserve.