Ex-Edward Jones broker wins bid to have termination filing cleared from record

On Behalf of | Jun 13, 2022 | Firm Transition

A former broker for Edward Jones has won a request to have the circumstances surrounding his departure revised on his record, reports AdvisorHub.

A Financial Industry Regulatory Authority arbitration panel issued an award in favor of the expungement request of Michael B. Awosemusi of Irving, Texas. In its U5 termination filing on his BrokerCheck record, Edward Jones had claimed that Awosemusi had taken out a margin loan, placed the funds in his personal account and transferred them to his Edward Jones account to make it appear that he had improved his performance.

Awosemusi issued a response on BrokerCheck saying that he had not violated any firm or regulatory rules when it came to reaching performance goals.

In the award issued June 1, FINRA arbitrators said that any reason for his termination from Edward Jones should be deleted on Awosemusi’s record, and that the termination should be changed from discharged to voluntary. No explanation was provided for the decision.

The firm and Awosemusi had entered into an agreement in February that Edward Jones would not object to the expungement request provided that the broker withdraw any requests for damages. A company spokesman noted that the agreement stipulated that Edward Jones had not engaged in any wrongdoing involving Awosemusi’s Form U5.

An inaccurate Form U5 filing threatens your career in the financial services industry and may permanently put you at a disadvantage when seeking future opportunities. The attorneys at Lewitas Hyman blend industry and regulatory experience when representing financial professionals in Form U5 disputes and other related concerns. If you are concerned that you may be, or if you already have been, terminated from your firm, or if you believe you have inaccurate information on your Form U5, we invite you to contact Lewitas Hyman at (312) 291-4600 or through our online contact form to schedule a free consultation.

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