Johnnie Melvin Jones, of Syosset, New York, a stockbroker formerly registered with Network 1 Financial Securities, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity for the failure to comply with an FINRA arbitration award or settlement agreement. Case No. 2020068113601 (October 25, 2021).
According to FINRA Public Disclosure, Jones was issued a Notice of Suspension on July 22, 2021, and issued a Suspension from Association letter on August 16, 2021. Jones was provided with a grace period to resolve FINRA’s inquiry or otherwise request termination of his suspension. But Jones failed to resolve this matter by a deadline of October 24, 2021. He was automatically barred by FINRA the following day.
Jones has been identified in four customer initiated investment related disputes concerning allegations of his harmful activities while he was registered with John Thomas Financial and National Securities Corp. FINRA Public Disclosure shows that a customer initiated investment related FINRA securities arbitration claim involving Jones’ conduct was settled for $10,000.00 in damages founded on accusations of the violation of securities laws and breach of contract regarding over-the-counter equities transactions when Jones was registered with John Thomas Financial.
Jones is the subject of a customer initiated investment related FINRA securities arbitration claim in which the customer was awarded $118,988.00 in damages. The Statement of Claim alleged breach of fiduciary duty, unsuitable transactions, and misrepresentation relating to over-the-counter equities transactions at John Thomas Financial.
Another customer initiated investment related FINRA securities arbitration claim regarding Jones’ activities was resolved for $10,000.00 in damages supported by allegations of Jones’ negligence relating to over-the-counter equities transactions during the time that he was employed by National Securities Corp. The claim also contains accusations of breach of fiduciary duty resulting in damages.
Jones is referenced in another customer initiated investment related FINRA securities arbitration claim which was settled for $25,000.00 in damages based upon allegations that Jones made misrepresentations to the customer and executed unsuitable over-the-counter equities transactions while he was associated with John Thomas Financial. FINRA Arbitration No. 17-00226. The claim alleges that Jones breached a fiduciary duty to the customer.
Before Jones joined Network 1 Finanancial, he was associated with ten broker-dealers that have been expelled from FINRA or are otherwise defunct.
