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NEWSLETTERS & ALERTS
Broker Sanctioned Twice for Taking Customer Info to New Firm
by Howard Haykin
FINRA fined ($5K) and suspended (10 days) a former Edward Jones broker for improperly taking customers’ non-public personal information from his previous member firm, without the knowledge or consent of the firm or any customer.
Raymond James fined that same broker $15K and issued him a Letter of Admonishment after its new broker admitted his misconduct.
FINRA FINDINGS. In the days leading up to his August 2014 departure from Edward Jones, the broker used his personal digital camera to take photographs of approximately 200 Edward Jones electronic client information pages relating to the clients he serviced at Edward Jones. These photographs contained non-public personal information of these clients, including date of birth, social security number, net worth, annual income and investment objectives. The broker used the non-public personal information to assist him with transitioning customer business to his new firm.
When his new firm, Raymond James, began to investigate his misconduct the broker initially denied taking any non-public personal information of Edward Jones customers, but he subsequently admitted his misconduct to his new firm. Raymond James fined him $15,000 and issued him a Letter of Admonishment. That said, the broker remains associated with Raymond James.
This case was reported in FINRA Disciplinary Actions for December 2017.
For details on this case, go to ... FINRA Disciplinary Actions Online, and refer to Case #2016050700901.