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Edward Jones Bond Sales Issues – Fined $900,000

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Edward Jones was fined $900,000 for failing to deliver official statements for a significant portion of the new issue municipal bonds it sold to customers. Official statements for many of the transactions had not been mailed for at least four months after the settlement date of the trades. Edward Jones had systemic problems and backlogs in providing the statements, and did not take appropriate measures to correct them. Edward Jones had no written supervisory procedures regarding the delivery of the statements. (April 2009 200606509601).

Edward Jones was censured and fined $160,000 for dealing in bonds with its customers, and charging prices that were not fair and reasonable. A stockbrokerage firm has a duty with bonds, including municipal bonds as were involved here, to price bonds in a way that is reasonable and fair to its customers. Because the bond market does not have such clear pricing as the stock market, stockbrokers have to comply with regulations for fair pricing, or substantial fines can be levied. (June 2013 2009018103101).

Edward Jones was fined $300,000 by regulators for failing to disclose yield maturity on transaction confirmations issued to customers who sold municipal securities. Edward Jones included yield information in confirmations issued to customers when they purchased municipal securities, but omitted the information when it issued confirmations to customers who sold. Edward Jones had a supervisory system and written supervisory procedures that were not adequate to ensure that confirmations issued to its customers in municipal transactions disclosed all the information required. (E3B2004011101).

Edward Jones was fined $55,000 for failing to get customers the best prices when buying and selling corporate bonds. Edward Jones took mark-ups that were not fair and reasonable, taking into account all the elements of risk, market value, and the firm’s role in providing the bonds. (April, 2012 2006005438901).

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When we take action against stockbroker misconduct, we help level the playing field for all brokers.

If you aware of stock broker misconduct that is not being addressed, contact us:

Fogel & Associates
15260 Ventura Blvd.
Suite 2250
Sherman Oaks, CA 91403-5338
By phone: Call us toll-free at 1 (888) 986-9010
By email: Please fill out the form to the right

Contact StockBrokerLawyer now for a free, confidential review of your losses, and if they can be recovered.  The passage of time is always used as a defense, don’t delay, contact us now by calling (888) 986-9010, or emailing on the form provided.  We will respond as soon as possible, and having an independent no-cost review will help answer your questions.  We never share your personal information with third parties.

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