Edward Jones

Broker Lincoln Mason in Edward Jones Firm Has Customer Complaint

February 6, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Lincoln Mason (Mason), previously associated with Edward Jones, has at least 2 disclosable events. These events include one customer complaint, one tax lien, alleging that Mason recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a final customer complaint on January 17, 2024.

Without admitting or denying the findings, Mason consented to the sanctions and to the entry of findings that he engaged in an OBA without providing prior written notice to and receiving his firm’s approval of that activity. The findings stated that Mason created and was the sole member of a LLC for the purpose of holding a commercial property suitable for a single business office that he owned. When Mason created the LLC, he intended to transfer his commercial property into the LLC, and to use the commercial property as his firm branch office, whereby the firm would pay Mason rent, through the LLC. For his branch office. The firm became aware of the LLC as a result of its compliance program. At that time, however, the LLC did not hold any assets, and his firm approved the OBA. Later, Mason transferred his commercial property into the LLC, and contacted the firm to establish that property as his Edward Jones branch office. Mason was advised by the firm that properties owned by associated persons could not be used as a branch office. Mason provided false information and fictitious documents to the firm in order to hide his ownership interest in the LLC and its property and induce the firm to lease that property for his branch office. Mason’s firm entered into a lease agreement with the LLC and unknowingly allowed Mason to use the property that he owned as his branch office. After executing the lease agreement, the firm’s compliance department continued to request additional information from Mason regarding the LLC and required him to provide an updated OBA disclosure form. While Mason acknowledged his ownership interest in the LLC at this time, he falsely claimed that the only property it held was a ‘storage facility’. Mason also claimed that he had sold the commercial building and that the purchase funds had changed hands, neither of which was true. Prior to any rent payments being made, Mason’s firm terminated the lease agreement and terminated Mason’s registration shortly thereafter.

There are Recent Customer Complaints with Broker Benjamin Roscoe in Firm Edward Jones

February 4, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Benjamin Roscoe (Roscoe), currently associated with Edward Jones, has at least one disclosable event. These events include one customer complaint, alleging that Roscoe recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint on December 23, 2024.

Client alleges his financial advisor sold more assets than necessary to fulfill his rmd and invested the proceeds and his emergency cash into positions he did not authorize.

There are Recent Customer Complaints with Broker Colleen Bracy in Firm Edward Jones

January 31, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Colleen Bracy (Bracy), previously associated with Edward Jones, has at least one disclosable event. These events include one customer complaint, alleging that Bracy recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a settled customer complaint with a damage request of $7,200.00 on November 06, 2024.

The client alleges the financial advisor did not advise client on the transfer limitations of 529 plan accounts.

Edward Jones Broker Kenneth Cargill Has Customer Complaint

January 30, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Kenneth Cargill (Cargill), previously associated with Edward Jones, has at least one disclosable event. These events include one customer complaint, alleging that Cargill recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint on December 10, 2024.

Customer alleges the Variable universal Life Insurance policy he purchased in April 2014 was originally understood to be self-sustaining well into his 90’s with an annual premium of $400, however he now understand that the policy may lapse earlier than expected.

Matthew Kerby Barred by FINRA Over Allegations of Converting Customer Funds

July 30, 2018 | by Staff Attorney

The securities attorneys at Gana Weinstein LLP have been investigating previously registered broker Matthew Kerby (Kerby). According to BrokerCheck Records, in January 2018, Kerby was barred from the financial industry by the Financial Industry Regulative Authority (FINRA) for withholding crucial documents from FINRA involving a prior investigation in which Kerby allegedly converted elderly customer funds. Kerby consents to the sanctions that he received FINRA’s request and failed to produce documents. By refusing to provide requested documents, Kerby violated FINRA Rules 8210 and 2010. At this time it is unclear the extent and nature of the appropriation that occurred.

In addition, Kerby has been subject to termination from employment. Kerby’s employer, Edward Jones, terminated Kerby in November 2017 alleging that Kirby misappropriated and converted customer funds to utilize them for personal benefit.

Kerby has also been subject to a customer complaint. In November 2017, a customer alleged that Kerby misappropriated the customer’s funds by taking the money out of the account and converting the funds without customer authorization. The dispute was settled at $78,985.80.

John Maloney Has Multiple Customer Complaints Over Unsuitable Investments

June 11, 2018 | by Staff Attorney

According to BrokerCheck records financial advisor John Maloney (Maloney), formerly employed by Edward Jones has been subject to five customer complaints and one termination for cause. According to records kept by The Financial Industry Regulatory Authority (FINRA), in May 2016 Edward Jones terminated Maloney stating that he did not adhere to the firm’s policy regarding suitability of recommendations. Most of a Maloney’s customer complaints allege that Maloney made unsuitable recommendations in equity securities.

In November 2017 a customer made allegations of misrepresentation, suitability, breach of fiduciary duty, and churning of her accounts. The claim is currently pending.

In September 2017 a customer alleged an unsuitable investment recommendation in Fire Eye stock causing losses of $329,523. The claim is currently pending.

Broker Clay Hoffman Barred by FINRA

July 21, 2017 | by Staff Attorney

The investment lawyers of Gana Weinstein LLP are investigating the allegations made by The Financial Industry Regulatory Authority (FINRA) against barred broker Clay Hoffman. In June 2016, Hoffman was suspended by FINRA for his alleged failure to respond to FINRA’s request for information. Hoffman was later barred in November 2016 for his alleged failure to respond to multiple requests for documents and information related to an investigation.

Prior to the most recent suspension, Hoffman’s license as a broker was revoked and suspended, according to BrokerCheck. During May 2016, Hoffman alleged failed to pay a $5,000 fine for a previous case, which resulted in the revocation of his license. Additionally, Hoffman’s broker license was suspended during February 2016 due to the findings that allege that Hoffman engaged unauthorized business practices. Allegedly, Hoffman executed discretionary transactions in a customer’s account without any written authorization from the customer or firm.

In April 2015, a customer complaint was filed against Hoffman for alleged misrepresentation, unsuitability, and unauthorized trading. During his employment at SunTrust Investment and Summit Brokerage Services, Hoffman allegedly caused a loss for his client due to the misrepresentation of Mutual Funds. The alleged damages were $234,697.00 and the case settled at $90,000.

Ameriprise Financial Terminates Stephen Mosley Over Private Securities Transactions

June 14, 2017 | by Staff Attorney

The investment lawyers of Gana Weinstein LLP are investigating Ameriprise Financial Services, Inc.’s (Ameriprise) termination of former broker Stephen Mosley (Mosley) working out of the Lake Havasu City, Arizona office. Ameriprise terminated Mosley in November 2016. According to the broker’s Financial Industry Regulatory Authority (FINRA) BrokerCheck filing the firm stated that Mosley “was terminated for compliance policy violations related to complying with disciplinary action and heightened supervision, soliciting a prohibited security and suitability of a transaction.” Mosley also has two customer complaints listed on his record. No other disclosure concerning the extent and nature of the activity is disclosed.

However, Mosley has disclosed several outside business activities including his d/b/a Wisdom & Wealth Corp. Mosley has also disclosed entities including LP Prop, LLC – a real estate holding company. It is unclear at this time if Mosley’s activities involve any of these disclosed entities.

The providing of loans, selling of promissory notes, or recommending investments outside of the firm constitutes impermissible private securities transactions – a practice known in the industry as “selling away”. Often times, brokers sell promissory notes and other investments through side businesses as accountants, lawyers, real estate agents, or insurance agents to clients of those side practices.

SEC Files Complaint Against Former Edward Jones Broker Bernard Parker For Stealing Client Funds

December 31, 2015 | by Staff Attorney

The investment lawyers of Gana Weinstein LLP are investigating customer complaints against broker Bernard Parker (Parker). The Securities and Exchange Commission (SEC) announced fraud charges against Parker, a former broker with Edward Jones through his DBA Parker Financial Services located in Indiana, Pennsylvania. Parker has been accused of raising at least $1.2 million of investor money that was in reality used to remodel his house and pay other bills among other uses.

The SEC alleged that Parker raised more than $1.2 million from his brokerage customers and others who Parker told were purchasing real estate tax lien certificates that would earn returns of 6-9% annually. Specifically, Parker told prospective investors that Parker Financial Services would use funds to purchase tax liens placed by municipalities on properties primarily in Florida, Arizona, and Colorado. However, the SEC found that Parker pooled the money he raised into several bank accounts and routinely deposited only a portion of the money into a bank account and took the remainder in cash for himself.

The SEC alleged that Parker only used a small amount of investor funds to purchase tax liens and instead used their money to remodel his home, make car payments, and pay bills for his father-in-law. For instance, according to the SEC Parker withdrew more than $650,000 in investor funds in cash from teller transactions, ATM withdrawals, and checks. Parker additionally spent approximately $197,000 of investor money in other transactions, $150,000 through personal checks, and $169,000 for online bill payments. In total Parker made approximately $188,000 in interest payments to earlier investors in an effort to keep his investment scheme from being discovered.

Julius Kenney Formerly of LPL Financial Barred Over Outside Business Activities Investigation

August 11, 2015 | by Staff Attorney

The Financial Industry Regulatory Authority (FINRA) recently sanctioned and barred broker Julius Kenney (Kenney) concerning allegations Kenney refused cooperate with requests made by FINRA in connection with an investigation into possible outside business activities. Such activities may, under certain circumstances also involve investment transactions referred to as “selling away” in the industry. According to FINRA BrokerCheck records Kenney has disclosed that he operates as a LPL Financial LLC (LPL Financial) broker under the DBA Frank Kenney Wealth Management in Calhoun, Georgia. There is one customer complaint against Kenney alleging that the broker solicited an investment in a business referred to as Mellow Mushroom in or around October 2013.

Kenney entered the securities industry in 2008, when he became associated with Edward Jones. Thereafter, Kenney became associated with LPL Financial in 2011 before leaving for Dempsey Lord Smith, LLC in July 2012 through September 2013. Finally, in September 2013, Kenney came back to LPL Financial until his termination in June 2015. On May 22, 2015, LPL Financial filed a termination notice (known as a Form U5) with FINRA disclosing that Kenney was discharged from the firm for participating in an undisclosed outside business activity.

The conduct alleged against Kenney may lead to “selling away” securities violations. In the industry the term selling away refers to when a financial advisor solicits investments in companies, promissory notes, or other securities that are not pre-approved by the broker’s affiliated firm. However, even though the brokerage firm claim ignorance of their advisor’s activities, under the FINRA rules, a brokerage firm owes a duty to properly monitor and supervise its employees in order to detect and prevent brokers from offering investments in this fashion. In order to properly supervise their brokers each firm is required to have procedures in order to monitor the activities of each advisor’s activities and interaction with the public. Selling away often occurs in brokerage firm that either fail to put in place a reasonable supervisory system or fail to actually implement that system. Supervisory failures allow brokers to engage in unsupervised misconduct that can include all manner improper conduct including selling away.