BROWSE BY TOPIC
Stories of Interest
- SEC Adopts Statement and Interpretive Guidance on Public Company Cybersecurity Disclosures
- SEC Charges Former Bitcoin Exchange and Its Founder With Fraud
- JPMorgan Chase to Replace NYC Headquarters with 70-Story Skyscraper
- Citigroup Raises CEO Corbat's Pay 48% to $23Mn
- Should Congress Create a Crypto-Cop?
- JPMorgan Weighs Buying an Exchange-Traded Funds Firm
- Hey, Goldman Sachs: Wanna Buy BNY Mellon?
- SEC Order Rejecting Acquisition of Chicago Stock Exchange (CSX) by Chinese-Baesd Company
- Kyle Moffatt Named Chief Accountant in SEC CorpFinance
- SEC Suspends Trading in 3 Issuers Claiming Involvement in Cryptocurrency and Blockchain Technology
- Karen Garnett, Assoc. Director of SEC CorpFinance, to Leave After 23 Years of Service
- Louisiana Adviser Barred for Hiding Losses from Investors
- Connecticut HF Manager Illegally Diverted Investor Money - Now Owes Nearly $13Mn
- White House Cleaning House of Advisors Without Full Security Clearance
- Goldman Projects 30% Growth in Wealth Management Advisor Force
- Whistleblower Alleges Manipulation of CBOE Volatility Index
- FINRA Looking Into VIX (CBOE Volatility Index) Manipulation: WSJ
- Atlanta-Area Resident Charged with Misusing Investor Funds - SEC
- FINRA Announces 2018 West Region Networking Seminar
- Alberto Arevalo, Associate Director in Office of International Affairs, to Retire From SEC
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
NEWSLETTERS & ALERTS
WWW: Administrative Shortcuts Doom Edward Jones Broker - FINRA
[Photo: dullhunk / flickr]
Beth Dutoit, a resident of Norman, OK, agreed to a deferred fine of $5K and a 3-month suspension to settle FINRA charges that she had customers sign a blank form to facilitate the transfer of multiple accounts to the firm rather than have the customers sign transfer request forms for each of the accounts transferred.
ABOUT THE RESPONDENT. Beth Dutoit has been in the securities industry since 1994. Her longest stints have been with Oppenheimer Funds Distributors (2004-2011) and Edward Jones (2011-2015). She’s got her Series 6, 7, 63 and 66 licenses. Dutoit currently is not registered with any firm.
FINRA FINDINGS AGAINST DUTOIT. In order to complete the transfer of customer accounts, Edward Jones required that the customer complete and sign a Transfer-in Account ("Transfer-in") form for each account was being transferred to Edward Jones. While Dutoit was associated with Edward Jones, she obtained one signed Transfer-in form from each of 4 customers and photocopied the Transfer-in form for as many transferring accounts as necessary. Dutoit submitted the Transfer-in forms with the photocopied signatures to Edward Jones as authentic. Dutoit was permitted to resign during Edward Jones's internal review of these forms.
Dutoit next went to United Planners’ Financial Services, and while associated there, submitted an ACH1 Authorization Agreement ("ACH form"), which authorized the electronic transfer of funds from a husband's checking account to the couple's joint brokerage account. When it was noted that the wife had not signed the ACH form, Dutoit's manager instructed her to meet with the customer, obtain the wife's signature and resubmit the form to an assistant. Instead, Dutoit falsified the wife's signature and submitted the ACH form bearing the false signature to United as authentic. She was once again U5’d.
For all intensive purposes, Beth Dutoit is essentially finished in brokerage - having falsified documents, willfully disobeyed her manager’s instructions, and been U-5d for cause by broker-dealers.
This case was reported in FINRA Disciplinary Actions for March 2017.
For details on this case, go to … FINRA Disciplinary Actions Online, and refer to Case# 2015047435601.