FINRA Complaint Filed Against Former EDWARD JONES broker, AUSTIN W MORTON

Austin Wayne Morton (AUSTIN W MORTON) CRD#: 5538108
was named a respondent in a FINRA complaint alleging that he converted a total of $36,000 from an 82-year-old former client with dementia. The complaint alleges that Morton first took $20,000 in cash from the client shortly after the client, accompanied by Morton, had withdrawn the cash from his bank account. Then the elderly client agreed to loan AUSTIN W MORTON $6,000 for medical expenses that were not incurred. In accepting the loan, Morton took a signed but blank check from the client and made the check out for $22,000 instead of the agreed-upon $6,000, thus converting $16,000 not authorized by the client.
The FINRA complaint also alleges that AUSTIN W MORTON engaged in an undisclosed outside business activity. Specifically, without providing his member firm with prior written notice, he accepted $2,000 in cash from the client as compensation for assisting the client with locating and surrendering an annuity he held at another firm.
The Financial Industry Regulatory Authority (FINRA) actively pursues advisors who take advantage of elderly clients. FINRA has charged the former Edward Jones broker with allegedly stealing $36,000 from an elderly man with dementia.
AUSTIN W MORTON, allegedly, had gambling debts due to extensive online and on-track horse race betting that exceeded his income from EDWARD JONES, according to the FINRA complaint.
According to FINRA, EDWARD JONES terminated Morton on November 18, 2016.
AUSTIN W MORTON, who is from Sallisaw, OK, managed approximately $35 million for 500 households at the time he was terminated according to the FINRA complaint.
According to FINRA’s BrokerCheck, AUSTIN W MORTON has been registered in the securities industry for 5 years and listed with following firm:
10/24/2011 - 12/07/2016  EDWARD JONES - SALLISAW, OK
If you or an elderly family member were clients of the former EDWARD JONES broker, AUSTIN W MORTON, and experienced losses due to his actions or recommendations, call Soreide Law Group and speak to a Securities Lawyer at no-cost regarding the possible recovery of your investment losses at:  888-760-6552.
Soreide Law Group operates on a contingency fee basis and we represent our clients nationwide before FINRA.