Securities Lawyers Blog
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.