Alan Robert Price of Frankfort, Indiana, a stockbroker formerly registered with Edward Jones, has been fined $5,000.00 and suspended for 18 months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based on findings that Price borrowed money from an Edward Jones customer and failed to provide information and documents to FINRA when he was investigated for borrowing from the customer. Department of Enforcement v. Alan Price, Order Accepting Offer of Settlement No. 2020066136801.
According to the Order, Price borrowed $150,000.00 from an Edward Jones customer who was seventy-two years old at the time. Edward Jones’ policy prohibited Price from borrowing from customers unless he received an exception and the firm approved of the arrangement. The regulator states that the loan was never disclosed by Price to Edward Jones. None of Edward Jones’ exceptions applied to Price. FINRA states that Price violated FINRA Rules 2010 and 3240 for this reason.
The Order also states that Price failed to timely respond to FINRA when he was under investigation for borrowing from customers. He was issued a request for documents and information that he did not respond to by the regulator’s deadline. Price was not responsive to FINRA until after it took disciplinary action against him.
Price’s lawyer stopped representing him in the investigation, which caused FINRA to reschedule Price’s appearance to testify. But Price failed to show up until June 2, 2021, after FINRA took disciplinary action against him. Price’s actions impeded FINRA’s investigation and postponed the investigation. FINRA states that he violated FINRA Rules 2010 and 8210 for this reason.
Price was discharged by Edward Jones on February 27, 2020, supported by allegations concerning the loan with the customer.
