David Arthur Ellingwood of Leesburg Virginia a stockbroker formerly employed by Edward Jones has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that transactions were executed by Ellingwood in Edward Jones customer accounts without permission. Letter of Acceptance Waiver and Consent No. 2015046012801 (May 17, 2016).
According to the AWC, trades had been effected by Ellingwood on a discretionary basis in the account of an Edward Jones customer who never approved of Ellingwood’s activities. Ellingwood’s activities were also prohibited because of the firm never having accepted the customer’s accounts for purposes of Ellingwood’s discretionary trades. Consequently, FINRA found Ellingwood’s conduct violative of FINRA Rule 2010 and National Association of Securities Dealers (NASD) Conduct Rule 2510(b).
Ellingwood was discharged by Edward Jones based upon allegations that he effected securities transactions in a manner which violated the firm’s policies concerning discretionary trading.
Bay has been employed by AXA Advisors LLC since February 23, 1996.
