Matthew Donald Kerby of Paoli Indiana a stockbroker formerly employed by Edward Jones has been permanently barred by the Indiana Securities Division from engaging in securities business in the State of Indiana according to an Order containing allegations of Kerby’s violation of the Indiana Uniform Securities because of being barred by Financial Industry Regulatory Authority (FINRA). In the Matter of Matthew D. Kerby (Aug. 20, 2018).
Kerby was barred from associating with any FINRA member in any capacity based upon consenting to findings that he obstructed a FINRA investigation into accusations of his conversion of a customer’s funds. Letter of Acceptance Waiver and Consent No. 2017056495801 (Jan. 16, 2018). According to the AWC, an investigation commenced into Kerby’s possible theft of an elderly Edward Jones customer’s funds around the time Kerby was terminated from Edward Jones. In fact, Kerby was discharged on November 9, 2017 based upon allegations of Kerby’s use of the customer’s funds for his own benefit. The AWC stated that Kerby’s legal counsel reported that Kerby would produce no documents and information. FINRA determined that Kerby’s failure to cooperate in the investigation was violative of FINRA Rules 2010 and 8210.
FINRA Public Disclosure confirms that Kerby has been identified in two customer initiated investment related disputes which pertain to accusations of his misconduct while employed with Edward Jones. Specifically, on April 19, 2018, a customer initiated investment related complaint regarding Kerby’s activities was settled for $78,985.00 in damages supported by allegations that unauthorized transactions were executed in the customer’s account. The other customer initiated investment related complaint involving Kerby’s conduct was resolved for $15,227.92 in damages on November 28, 2018 founded on accusations that the customer’s investment instructions were not followed in regards to a certificate of deposit purchase.
