Anthony John Cummings, of Lutherville-Timonium, Maryland, a stockbroker formerly registered with Edward Jones, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity by consenting to findings that he converted customer funds. Letter of Acceptance, Waiver and Consent, No. 2016051104901 (May 9, 2017).
FINRA Public Disclosure reveals that on July 28, 2016, Cummings was terminated from Edward Jones based upon allegations that he entered into a borrowing arrangement with a customer despite failing to make his firm aware of it. According to the AWC, $60,000.00 in funds belonging to the customer had been lent to Cummings after he solicited the arrangement, where Cummings utilized the funds to address his personal debts. Apparently, the funds were never repaid by Cummings. The AWC stated that it was not ethical for Cummings to have taken the customer’s funds without any intention to provide the customer with repayment. Consequently, Cummings’ conduct was found by FINRA to constitute conversion in violation of FINRA Rule 2010, as well as NASD Rules 2110 and 2330.
FINRA Public Disclosure reveals that on January 12, 2015, a customer filed an investment related written complaint involving Cummings’ conduct, in which the customer requested more than $5,000.00 in damages based upon allegations that Cummings made misrepresentations to the customer concerning the tax liabilities resulting from the customer’s mutual fund transactions. Subsequently, on February 27, 2017, a customer initiated investment related written complaint regarding Cummings’ activities was resolved for $99,500.00 in damages based upon allegations of Cummings’ misconduct associated with a loan arrangement involving the customer.
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