Jon Timothy VanSlooten, of Toledo, Ohio, a stockbroker formerly registered with Edward Jones, has been fined $7,500.00 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he effected trades in customer accounts without authorization. Letter of Acceptance, Waiver and Consent, No. 2016048946201 (June 22, 2017).
According to the AWC, between February of 2009 and February of 2016, at a period when VanSlooten was associated with Edward Jones, an estimated five-hundred and eighty-six trades were effected by him in the investment accounts belonging to four customers. The AWC revealed that customers never furnished written authorization for VanSlooten to exercise discretion in their accounts. Moreover, the firm reportedly prohibited the exercise of discretion by its stockbrokers. VanSlooten’s conduct was consequently found by FINRA to be violative of FINRA Rules 2010 as well as NASD Rule 2510(b).
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