Todd Jones, formerly of J.P. Morgan, Suspended Four Months from Securities Industry
Have you lost money with financial advisor Todd Jones of Seattle, Washington? We are investigating allegations made by FINRA, the Financial Industry Regulatory Authority, against Todd Jason Jones. FINRA suspended Jones from the securities industry for four months and fined him $15,000.
FINRA was investigating Jones after he was terminated by his former brokerage firm, J.P. Morgan. Todd Jones was alleged to have purchased shares of VelocityShares 3X Long Crude Oil (UWTI) in July 2015 for twelve customers without getting their permission. Todd Jones also was alleged to have marked these trades as “unsolicited” (meaning the idea for the trade came from the client), while they were actually “solicited”. VelocityShares 3X Long Crude Oil (UWTI) is an ETF (exchange traded fund) that tries to replicate a return three times the index of crude oil.
Todd Jones was a financial advisor and registered representative of J.P. Morgan from December 2014 to October 2015. He was also affiliated with Merrill Lynch from December 2013 to November 2014. He worked at a branch office in Seattle, Washington. Jones was terminated by J.P. Morgan for selling these shares of VelocityShares 3X Long Crude Oil (UWTI) in 2015.
Brokerage firms like J.P. Morgan have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Seattle, Washington; Vancouver, Washington; and Denver, Colorado. We represent investors in FINRA arbitration proceedings in all 50 states, including investors throughout the Seattle area, including in Edmonds, Shoreline, Kirkland, Bellevue, Redmond, Bothell, Woodinville, Renton, Kent, Issaquah, and many others. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including J.P. Morgan.
Click to view: Jones, Todd FINRA AWC
Click to view: Jones, Todd BrokerCheck 9.18.17
If you lost money with Todd Jones or J.P. Morgan, please CONTACT US at 720-599-3505 for a free evaluation of your case.
Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.