investigation of stockbroker misconduct

Robert Barry Jones of Saint Augustine Florida a stockbroker formerly employed by Merrill Lynch has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon allegations that he neglected to respond to FINRA after information had been requested of him. Case No. 2016051269601 (Oct. 16, 2017).

FINRA Public Disclosure reveals that Jones has been identified in four more customer initiated investment related disputes pertaining to accusations of Jones’ wrongful conduct while employed by Banc of America Investment Services, Inc. and Merrill Lynch, Pierce, Fenner & Smith Inc. Specifically, on September 18, 2007, a customer initiated investment related complaint concerning Jones’ conduct was resolved for $31,681.34 in damages based upon allegations that Jones made mutual fund recommendations to the customer that were not suitable.

On August 29, 2011, another customer filed an investment related complaint regarding Jones’ conduct in which the customer sought $8,000.00 in damages supported by accusations that investment recommendations were not suitable and a misrepresentation had been made to the customer concerning structured product transactions placed in the customer’s account.

Thereafter, a customer initiated investment related arbitration claim involving Jones’ activities was settled for $125,000.00 in damages founded on allegations of omission, misrepresentation and suitability concerning mutual funds and equity transactions placed in the customer’s investment portfolio. FINRA Arbitration No. 13-00072 (Nov. 7, 2013). Further, on December 22, 2016, a customer initiated investment related complaint that pertained to Jones’ conduct was resolved for $80,000.00 in damages based upon accusations that trades were executed in the customer’s account between March of 2007 and March of 2016 that the customer never consented to.

Jones was terminated from Merrill Lynch on August 8, 2016 based upon allegations that he engaged in discretionary trading of customer’s Merrill Lynch investment accounts even though those accounts were not approved for discretionary trading.

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