Edward D. Jones & Co., L.P., doing business as Edward Jones, provides financial services for individual investors and businesses in the United States, Canada, and the United Kingdom. It offers individual retirement accounts and retirement saving plans; education savings options; estate planning and trust services; account services and tools; and banking services, such as checking and saving options, credit and debit cards, money market accounts, home financing solutions, and home equity loans and lines of credit. The company also provides services for making investments in stocks, mutual funds, annuities, and fixed-income investments. In addition, it provides life insurance, long-term care i...
12555 Manchester Road
St. Louis, MO 63131-3729
Founded in 1922
The Securities and Exchange Commission Announces Enforcement Actions against 22 Municipal Underwriting Firms for Violations in Municipal Bond Offerings
Sep 30 15
The Securities and Exchange Commission announced enforcement actions against 22 municipal underwriting firms for violations in municipal bond offerings. The actions are the second round of filings against underwriters under the Municipalities Continuing Disclosure Cooperation (MCDC) Initiative, a voluntary selfreporting program targeting material misstatements and omissions in municipal bond offering documents. In present actions, the SEC found that between 2010 and 2014, the 22 underwriting firms violated federal securities laws by selling municipal bonds using offering documents that contained materially false statements or omissions about the bond issuers’ compliance with continuing disclosure obligations. The SEC also found that the underwriting firms failed to conduct adequate due diligence to identify the misstatements and omissions before offering and selling the bonds to their customers. The 22 firms, which did not admit or deny the findings, agreed to cease and desist from such violations in the future. Under the terms of the MCDC Initiative, they will pay civil penalties based on the number and size of the fraudulent offerings identified, up to a cap based on the size of the firm. The maximum penalty imposed is $500,000. In addition, each firm agreed to retain an independent consultant to review its policies and procedures on due diligence for municipal securities underwriting. The SEC's orders and penalty amounts are: Ameritas Investment Corp. – $200,000; BB&T Securities, LLC – $200,000; Comerica Securities, Inc. – $60,000; Commerce Bank Capital Markets Group – $40,000; Country Club Bank – $140,000; Crews & Associates, Inc. – $250,000; DuncanWilliams, Inc. – $250,000; Edward D. Jones & Co., L.P. – $100,000; Estrada Hinojosa & Company, Inc. – $40,000; Fifth Third Securities, Inc. – $20,000; The Frazer Lanier Company, Incorporated – $100,000; J.J.B. Hilliard, W.L. Lyons, LLC – $420,000; Joe Jolly & Co., Inc. – $100,000; Mesirow Financial, Inc. – $100,000; Northland Securities, Inc. – $220,000; NW Capital Markets Inc. – $100,000; PNC Capital Markets LLC – $500,000; Prager & Co., LLC – $100,000; Ross, Sinclaire & Associates, LLC – $220,000; UBS Financial Services, Inc. – $480,000; UMB Bank, N.A. Investment Banking Division – $420,000; and U.S. Bank Municipal Securities Group, a Division of U.S. Bank National Association –$60,000.
Edward Jones Agrees to Pay More Than $20 Million to Settle Claims
Aug 13 15
Federal regulators said Edward Jones has agreed to pay more than $20 million to settle claims that it overcharged customers in new municipal bond sales. The Securities and Exchange Commission said that $5.2 million of the settlement amount will be distributed to customers whom Edward Jones overcharged. The SEC said the ex-chief of Edward Jones' municipal bond underwriting desk, Stina Wishman, will pay $15,000 and be barred from working in securities for at least two years. The commission said Wishman took new bonds into Edward Jones' own inventory and improperly offered them to customers at higher prices.
Edward Jones Announces Leadership Changes in Canada
Jul 13 15
Edward Jones has announced that David Lane, leader of its operations in Canada since 2012, will return to the US in September to assume a new leadership role in the firm's Client Strategies Group. Tim Kirley, 61, a general partner with the firm since 1994, will assume leadership in Canada. Kirley joined Edward Jones in 1983 as a financial advisor in Michigan, a role he filled until relocating to the firm's St. Louis headquarters in 1994.