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Our Offices
40 Inverness Drive East
Denver, CO 80112
Phone: 303.792.5595
Fax: 303.708.0527
WYOMING OFFICE
Phone: 307.527.7891
Fax: 307.527.7897
OHIO OFFICE
Phone: 513.852.5600
Fax: 513.852.5611
DALLAS OFFICE
Phone: 972.934.1313
Fax: 972.231.3983
ARIZONA OFFICE
Phone: 602.508.6040
News Briefs
Edward Jones ordered to pay former client $298,000.00 by NYSE arbitration panel
On August 1, 2005 a NYSE arbitration panel issued an award to a former client of Edward Jones in the amount of $298,000.00, and ordered Edward Jones to pay all forum fees for the arbitration, amounting to an additional $4,500.
The client, a former Texas Instruments and MEMC employee, sought advice in the summer of 2000 from Edward Jones through its former broker, Richard Stokes, regarding possible early retirement. According to the client's testimony at the arbitration hearing, Mr. Stokes not only advised him that he had sufficient assets on which to retire, but that he could also take out an amount each year greater than his current annual salary without affecting his principal.
Based on these representations, the client retired and turned over all his retirement savings, the bulk being in Texas Instrument stock, to Edward Jones and Stokes to be managed. According to the evidence and testimony at the hearing, the client lost more than $300,000.00 within eighteen months, with the majority of the losses, $263,000.00, coming from the Texas Instrument stock, which the broker did not hedge or sell in a timely fashion. The evidence and direct testimony of Stokes showed that when sales of Texas Instruments were recommended, the proceeds were not invested in income producing investments, but rather into other technology stocks or equity-based mutual funds.
The client brought claims that included violation of the Texas Securities Act, unsuitability, negligence, failure to supervise, breach of contract and breach of fiduciary duty. Richard A. Lewins, an attorney in the Dallas office of Burg Simpson Eldredge Hersh & Jardine, PC., represented the client. Mr. Lewins specializes in representing aggrieved investors.
For media inquiries, please contact the Dallas office of Burg Simpson at (972) 934-1313.
