Jon Timothy Vanslooten of Toledo Ohio a stockbroker registered with Edward Jones is the subject of a customer initiated investment related written complaint which was settled on September 10, 2018 to resolve allegations that Vanslooten placed the customer in Energy Transfer Partners LP – a direct investment which was unsuitable for the customer.
FINRA Public Disclosure reveals that this is the first customer initiated investment related complaint regarding Vanslooten’s actions since he was sanctioned by Financial Industry Regulatory Authority (FINRA). Vanslooten has been fined $7,500.00 and suspended for three months from associating with any FINRA member in any capacity supported by findings that Vanslooten executed discretionary trades in customer accounts. Letter of Acceptance Waiver and Consent No. 2016048946201 (June 22, 2017).
According to the AWC, during the time Vanslooten had been associated with Edward Jones, he failed to abide by the firm’s policies concerning the exercise of discretion in customer accounts. He was prohibited under the firm’s rules from effecting discretionary trades in accounts of Edward Jones customers. Approximately five hundred eighty-six trades had been placed by Vanslooten in four customers’ accounts where Vanslooten failed to detail his trades with customers and receive their permission before effecting transactions. FINRA found Vanslooten’s trading to constitute violations of FINRA Rule 2010 and National Association of Securities Dealers (NASD) Rule 2510(b).
