Articles Tagged with Edward Jones

Former Ameritas Investment Corporation broker Daniel Kittner, out of Mesa, Arizona, recently resigned from his firm. He was “permitted to resign” from his position at Ameritas “during the firm’s investigation into a customer’s verbal complaint.” In December 2016, a customer alleged that Kittner, while employed at Edward Jones, did not properly advise him with respect to unsuitable investments in mutual funds, stocks, certificates of deposit and variable annuity products. This is against securities laws, and internal firm rules. Ameritas can be held liable for investment losses on a contingency fee basis in the Financial Industry Regulatory Authority (FINRA) arbitration forum because the firm did not reasonably supervise Mr. Kittner while he was employed there.

According to FINRA records, Mr. Kittner was previously registered with Edward Jones in Prescott Valley, Arizona from May 2001 until March 2006, Wells Fargo in Mesa, Arizona from March 2006 until December 2011 and Ameritas Investment Corp in Mesa from December 2011 until November 2017. He has one customer dispute against him. He is not currently registered as a broker.

According to a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Matthew Kerby, a former registered representative with Edward Jones, violated securities laws. FINRA was investigating Kerby regarding allegations that he converted his elderly customer’s funds. Kerby also refused to give documents to FINRA concerning the allegations, so he was barred from the industry. Mr. Kerby was previously registered with Edward Jones in Paoli, Indiana from August 2007 until November 2017. He is not currently registered as a broker, according to his online FINRA BrokerCheck report.

Stoltmann Law Offices is investigating Bernard M. Parker, a former registered representative with Edward Jones. Parker was the founder, principal and sole employee of Parker Financial in Indiana, Pennsylvania, a company claiming to invest in tax liens, primarily in those offered by municipalities in Florida, Arizona and Colorado. Parker was indicted by a federal Grand Jury and is alleged by the US Attorney to have orchestrated a criminal ponzi scheme in the fraudulent offering of securities. According to the indictment filed in the Western District of Pennsylvania, Parker was accused of knowingly and willfully using manipulative and deceptive devices in connection with the purchase and sale of securities, employing a device to defraud, making untrue statements of material facts and omitting to state material facts necessary, and engaging in acts, practices and courses of business which operated as fraud and deceit upon others. In addition to the indictment, Parker had a Civil Action brought against him by the Securities and Exchange Commission (SEC) in the District Court for the Western District of Pennsylvania, for allegedly telling his investors that their investments were to be used to purchase tax liens placed by the municipalities in Florida, Arizona, Colorado and elsewhere, beginning in 2008 and ending in 2014. These are against securities rules and regulations.

Parker was accused of falsely stating to at least one investor that he had taken a class in tax lien certificate investments, that Parker Financial had hired a portfolio manager to oversee the investments and falsely stated to many investors that their investments were tax-free. These were all false statements. Parker subsequently withdrew over $650,000 in investor funds to use for personal checks, online bill payments, family health expenses, renovations on his house, insurance payments and car payments for himself, among other things. He then used a remaining amount of investor money to pay out interest payments to those clients who did not “roll over” their interest into new investments, creating a classic ponzi scheme. These transgressions occurred from February 2008 until November 2014. In all, Parker obtained Investor Contracts from over 22 clients for a total of more than $1.2 million in investment money.

Bernard M. Parker was registered with First American National Securities Inc. in Duluth, Georgia from November 1989 until August 1990, North American Management Inc. in Sioux Falls, South Dakota from July 1991 until March 1993, Beaconsfield Financial Services Inc. in Indiana, Pennsylvania from March 1993 until June 2006 and Edward Jones in Indiana, Pennsylvania from June 2006 until December 2014. He has two customer disputes against him and six judgments/liens, according to his Financial Industry Regulatory Authority (FINRA) BrokerCheck report. He is not currently licensed within the industry.

Stoltmann Law Offices is investigating Barbara D. Fife, a former employee of LPL Financial in Indianapolis, Indiana and John W. Ruggles, a former employee of City Securities, also in Indianapolis. The Financial Industry Regulatory Authority (FINRA) recently barred Fife from the brokerage industry for life, and suspended Ruggles for 14 months and fined him $5,000. Ruggles was accused of falsifying emails and trade reports. Fife was accused by a customer of never investing checks into his or her account which were made out for the purpose of investing.

According to her online FINRA BrokerCheck report, Barbara D. Fife was registered with MML Investors in Springfield, Massachusetts from May 1993 until July 1993, Essex National Securities in Napa, California from July 1993 until March 1996, First Chicago NBD Investment Services in Chicago, Illinois from March 1996 until August 1996, Independent Financial Securities Inc. from September 1996 until January 1997, NatCity Investments in Cleveland, Ohio from August 1996 until February 1997, Banc One Securities Corp in Chicago from February 1999 until April 1999, UBS Financial Services in Weehawken, New Jersey from April 1999 until July 2003, Fifth Third Securities in Cincinnati, Ohio from July 2003 until November 2005, City Securities Corp in Indianapolis, Indiana from November 2005 until July 2007 and LPL Financial in Fishers, Indiana from September 2007 until June 2014. She has five customer disputes against her. She is not licensed and has been permanently barred from the industry.

John W. Ruggles was registered with Raffensperger, Hughes & Co. in Indianapolis, Indiana from July 1993 until July 1995, NatCity Investments in Cleveland, Ohio from July 1995 until March 1997, Independent Financial Securities from January 1997 until March 1997, Charles Schwab & Co. in San Francisco, California from April 1997 until June 2005, Edward Jones in Avon, Indiana from June 2005 until March 2006, Charles Schwab in Indianapolis, Indiana from September 2006 until April 2013 and City Securities Corp in Indianapolis from May 2014 until April 2015. He has one customer dispute against him. He is not currently licensed within the industry.

Stoltmann Law Offices is investigating Paul D. Garnett, who recently entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). According to his AWC, Mr. Garnett participated in private security transactions and an outside business activity while employed with Edward Jones. This is commonly referred to as “selling away” and is when a broker recommends or sells a security that is not held or offered by his member firm. It is a tactic used by brokers to generate large commissions for themselves. Allegedly, from March 2013 until July 2013, Garnett organized a private placement for SFG, an entity that was formed to acquire an interest in SFI, a helicopter medical evacuation business. Garnett solicited Edward Jones customers to invest in the entity. He himself even invested $140,000 in two other private securities offerings. For this he was fined $40,000 and suspended from the industry for one year.

According to his FINRA BrokerCheck report, Garnett was registered with Edward Jones in Beatrice, Nebraska from November 1975 until July 2013 and Securities America Inc. in Beatrice from August 2013 until October 2015. He has one customer dispute against him. He is not licensed within the industry.

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Stoltmann Law Offices is investigating Anthony C. Gray, a former broker with Edward Jones in Baton Rouge, Louisiana. Gray was recently permanently barred from the securities industry by the Financial Industry Regulatory Authority, after allegedly stealing $138,000 from an elderly couple from 2013 until 2015. Gray allegedly told the couple to write him bank checks, which he then wrote to himself or an affiliated business he owned. He then used the funds for personal expenses. Gray was registered with Chase Investment Services in Baton Rouge, Louisiana from August 2012 until October 2012, J.P. Morgan Securities in Baton Rouge from October 2012 until May 2013 and Edward Jones in Baton Rouge from July 2013 until October 2015. He is not registered with any firm, not licensed and was permanently barred from the industry.

If you invested with Anthony C. Gray, please call our securities law firm at 312-332-4200 to speak to an attorney about your options of suing his former firm, Edward Jones, for investment losses. They may be liable for investment losses because they had a duty to reasonably supervise him while he was employed there. The call is free with no obligation. We take cases on a contingency fee basis.

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