Edward Jones Broker Suspended over Unauthorized Trading Allegations
Financial Industry Regulatory Authority Department of Enforcement
Background: Thomas entered the industry in May 2012 when he joined Edward Jones and registered as a general securities representative. On June 19, 2015, Edward Jones filed a Form U5 indicating that Thomas was discharged on May 21, 2015 for violating firm policy and providing inaccurate information to the firm.
Overview of Allegations: From February to May 2015, Thomas made four trades in non-discretionary accounts of two customers without written authorization, violating NASD Rule 2510 and FINRA Rule 2010. He placed a total of 11 unauthorized trades in the accounts of six customers. He also failed to disclose two customer complaints to Edward Jones and made a misrepresentation to Edward Jones regarding one of the trades.
Result: Without admitting or denying the findings, Thomas consented to a two-year suspension from association with any FINRA member firm and a $15,000 fine.