In August 2013, FINRA announced that Edward D. Jones & Co., L.P. submitted a Letter of Acceptance, Waiver and Consent in which the firm was censured and fined $160,000. No restitution payment was provided for in light of the fact that the firm previously provided restitution to its customers, which it commenced paying as early as December 31, 2008.
Without admitting or denying the findings, the firm consented to the described sanctions and to the entry of findings that it purchased municipal securities for its own account from customers and/or sold municipal securities for its own account to customers at an aggregate price (including any markdown or markup) that was not fair and reasonable, taking into consideration all relevant facts, including the best judgment of the broker, dealer or municipal securities dealer as to the fair market value of the securities at the time of the transaction and of any securities exchanged or traded in connection with the transaction, the expense involved in effecting the transaction, the fact that the broker, dealer, or municipal securities dealer is entitled to a profit, and the total dollar amount of the transaction. It is unclear from the FINRA announcement whether customers have initiated FINRA arbitrations or any other securities arbitration. Any customer who believes that they may have paid excessive markups can contact David A. Weintraub, P.A., 7805 SW 6 Court, Plantation, FL 33324. By phone: 954.693.7577 or 800.718.1422.