Mark Stewart Saunders, of Monroe City, Missouri, a stockbroker currently registered with 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 he exercised discretion in customer accounts. Letter of Acceptance, Waiver and Consent, No. 2016048658302 (June 9, 2017).
According to the AWC, from May of 2015 to June of 2015, fifteen trades had been effected by Saunders in the investment account of a customer on a discretionary basis during the point Saunders was associated with Edward Jones. Saunders’ discretionary trading, which involved $198,000.00 in securities purchases, was not consented to by the customer in writing before the trades were placed. Moreover, the firm did not consider the accounts as approved for purposes of trading to be effected based on discretionary power. Moreover, the AWC stated that trading on a discretionary basis, which included time and price discretion, was specifically disallowed by the firm. FINRA found Saunders’ conduct to be violative of FINRA Rule 2010 and NASD Rule 2510(b).
FINRA Public Disclosure reveals that on January 8, 2016, a customer initiated investment related written complaint involving Saunders’ conduct was settled for $34,033.89 in damages based upon allegations that Saunders, while registered with Edward Jones, placed mutual fund and stock transactions in the customer’s account without the customer’s consent.
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