Former Edward Jones broker barred by FINRA after allegedly refusing to return funds to client

On Behalf of | Apr 21, 2022 | Broker Misconduct

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 AdvisorHub.

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.

The attorneys at Lewitas Hyman are uniquely qualified to represent individual investors in investment-related claims against financial professionals and their firms. We understand how financial professionals and their firms are supposed to operate through decades of experience working for the SEC and firms like Morgan Stanley and UBS Financial Services. While in private practice, we have represented individual clients and firms in investment loss matters. If you have suffered investment losses as a result of misconduct by your financial professional or their firms, contact us at (888) 655 6002 or through our online contact form for a free consultation.

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