John C. Edes, of East Greenwich, Rhode Island, a registered representative formerly registered with Equity Services, Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to cooperate in a FINRA investigation into his business activities serving the basis of Edes’ termination from Equity Services, Inc. Letter of Acceptance, Waiver and Consent, No. 2016052287901 (Aug. 28, 2017).
According to the AWC, FINRA sent Edes a letter on June 7, 2017, according to Rule 8210, which requested that Edes provide information and documentation to the regulator as part of FINRA’s investigation into Edes’ business activities. Apparently, Edes corresponded with FINRA on July 7, 2017, to indicate that he understood what was requested of him while confirming that he would at no point provide information and documentation to FINRA. Consequently, FINRA concluded that Edes’ failure to cooperate was violative of FINRA Rules 2010 and 8210.
FINRA Public Disclosure reveals that on February 20, 2008, a customer initiated investment related written complaint involving Edes’ conduct was settled for $5,000.00 in damages supported by allegations that he misappropriated a customer’s funds in the course of effecting the purchase of a fixed annuity away from the firm. Additionally, the customer accused Edes of facilitating the switch of the customer’s mutual funds without the customer’s consent, leading the customer to sustain undue penalties and sales charges.
Edes’ registration with Equity Services, Inc. was terminated on November 30, 2016.
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