Eldridge Foster Parks of Saginaw Michigan a stockbroker employed by Raymond James Associates Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that Parks failed to testify before FINRA personnel during an investigation into allegations of Parks making bad investment recommendations to customers of Raymond James. Letter of Acceptance Waiver and Consent No. 2016050134502 (Aug. 5, 2019).
According to the AWC, FINRA received information regarding a customer complaint which alleged that Parks made recommendations to a customer that failed to be suitable given the customer’s investor profile. An investigation into Parks’ activities commenced following receipt of this information.
The AWC stated that on May 13, 2019, a request had been made by FINRA for Parks to make an appearance before FINRA personnel to provide recorded testimony about his interactions with the customer in question. However, Parks failed to show up on June 10, 2019 – the date his testimony was scheduled.
Evidently, a second request for Parks’ testimony had been made by FINRA on June 11, 2019. Parks was instructed under Rule 8210 to make an appearance on June 25, 2019. However, FINRA received word from Parks on June 14, 2019 that he declined FINRA’s request and would not cooperate at any point in FINRA’s investigation into his possible violations of FINRA rules. FINRA found Parks’ hinderance of the investigation to constitute the violation of FINRA Rules 2010 and 8210. Parks was barred from the securities industry.
FINRA Public Disclosure confirms that Parks is the subject of a customer initiated investment related arbitration claim which was settled for $50,000.00 in damages based upon accusations that between 2012 and 2016, during which time Parks had been employed by Raymond James, he executed stock transactions in the customer’s account that were inappropriate for the customer. FINRA Arbitration No. 17-03372 (Apr. 30, 2018).
Parks’ employment with Raymond James has been terminated as of November 2, 2018.
