Todd Jones of Seattle, Washington, a stockbroker formerly registered with J.P. Morgan Securities, LLC, has been fined $15,000.00 and suspended for four months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he exercised discretion in customer accounts without their consent and falsified information regarding his activities to his firm. Letter of Acceptance, Waiver and Consent, No. 2015047381301 (Sept. 15, 2017).
According to the AWC, in July of 2015, Jones utilized $208,714.00 to buy VelocityShares 3x Long Crude Oil (UWTI) for the investment accounts of twelve of the firm clients. The AWC revealed that the twelve clients never provided permission to Jones in writing to enable him to effect the transactions. As a result, FINRA found that Jones’ conduct was violative of FINRA Rules 2010 and NASD Rule 2510(b).
Moreover, the AWC stated that leveraged exchange traded products were not allowed to be solicited by the firm’s stockbrokers. Apparently, the purchases of UWTI that Jones effected were marked as unsolicited. Jones reportedly acknowledged that the UWTI transactions were solicited. The AWC stated that the order tickets were mismarked, resulting in inaccuracies of the firm’s records and books. FINRA found that Jones’ conduct was therefore violative of FINRA Rule 2010 and 4511.
FINRA Public Disclosure reveals that J.P. Morgan Securities LLC terminated Jones on September 22, 2015, based upon allegations of effecting trades on an unauthorized basis, and mismarking customers’ order tickets.
Guiliano Law Group
Our practice is limited to the representation of investors. We accept representation on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.
For more information concerning common claims against stockbrokers and investment professionals, please visit us at securitiesarbitrations.com
To learn more about FINRA Securities Arbitration, and the legal process, please visit us at securitiesarbitrations.com
