A former broker for Edward Jones who allegedly refused to return over $893,000 he received from a client has been barred by the Financial Industry Regulatory Authority, reports Advisor Hub.
FINRA administered the sanction against John Winslow, who spent eight years with Edward Jones in Gig Harbor, Washington until he was terminated.
Winslow admitted receiving funds from a client and purchasing gold coins for the client that were held in a P.O. box he controlled, but did not disclose this activity to Edward Jones. The customer claimed to have no knowledge of the gold coin purchase and alleged that Winslow had stolen the money. In December, the client filed an arbitration claim with FINRA that also accused of Winslow of not repaying a loan the client had given him as well as taking funds from the client’s brokerage account.
FINRA launched an investigation into the case but said Winslow refused to cooperate with the investigation, in violation of FINRA Rules 8210 and 2010. He refused to produce information and documents that had been requested as part of the probe, the authority said.
On April 12, FINRA issued a letter of acceptance, waiver and consent signed by Winslow in which he consented to be barred but did not admit or deny the authority’s findings. A spokesperson for Edward Jones said the firm has cooperated with the investigations into Winslow and reimbursed the affected client for the losses suffered.
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