Edward Jones & Co, St. Louis, Fined and Sactioned by FINRA
Edward D. Jones & Co., L.P. dba Edward Jones (CRD #250, St. Louis, Missouri)
was censured, fined $55,000 and ordered to pay $13,231.52, plus interest, in restitution to customers. Without admitting or denying the findings, the firm consented to the described sanctions and to the entry of findings that in corporate fixed income transactions for or with an individual customer, they failed to use reasonable diligence to arrive at the best inter-dealer market, and failed to buy or sell in such market so that the price to its customer was as favorable as possible under the prevailing market conditions.
FINRA’s findings stated that the firm’s supervisory system did not comply with the applicable securities laws, regulations and FINRA rules concerning the best execution of corporate fixed income transactions.
These findings also stated that the firm purchased municipal securities for its own account from a customer and/or sold municipal securities for its own account to a customer at an aggregate price. FINRA’s findings also included that the firm submitted incorrect short interest position reports to NASD® or FINRA.
(FINRA Case #2006005438901)
This information was obtained on FINRA’s website under “Disciplinary and Other Actions, June, 2012.”
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