Edward Jones Sanctioned over alleged Cold Calling
According to reports, Edward Jones has agreed to pay $750,000 to resolve claims that it unlawfully solicited New Hampshire residents whose phone numbers are registered on the National Do Not Call Registry.
Not only did the New Hampshire Bureau of Securities Regulation accuse the firm of unlawfully soliciting clients on do-not-call lists, but the bureau purportedly determined that on several occasions, Edward Jones’ financial advisers also failed to appropriately honor requests by New Hampshire residents to be added to Edward Jones’ firm-specific list.
In addition, the bureau accused Edward Jones, which has 50 branch offices in the state, of failing to train and supervise its brokers properly in the area of telephone solicitation.
FINRA Rules prohibit members from soliciting by phone anyone who is on the Federal Trade Commission’s do-not-call registry.
Edward Jones did not admit guilt as part of the settlement.
In addition to the monetary settlement, the firm agreed to cease and desist from further violations and agreed to modify its policies and procedures around telephone solicitation.
Provided by The White Law Group
The foregoing information, which is publicly available, is being provided by The White Law Group. The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Vero Beach, Florida.
For more information on The White Law Group, visit http://www.whitesecuritieslaw.com. For a free consultation with a securities attorney, please call the firm’s Chicago office at 888-637-5510.