Finra panel awards Edward Jones $340,000 in estate dispute

Arbitration puts blame on client's power of attorney, not firm

Sep 1, 2017 @ 3:40 pm

By Investment News

A Finra arbitration panel in Memphis, Tenn. has found that a military man acting as power of attorney for a client of Edward Jones should reimburse the firm for the damages it paid to the client, who is deceased.

In its award, the Financial Industry Regulatory Authority's office of dispute resolution said that Louis Zemek had embezzled funds from the account of Margie Gerrard for his personal use and had forged a power of attorney and an indemnification agreement holding him blameless for any action he took on her behalf.

Edward Jones had settled earlier with the estate of Ms. Gerrard in the amount of $290,000. The Finra panel ordered Mr. Zemek to pay that amount to Edward Jones, plus $50,000 in legal fees.

0
Comments

What do you think?

View comments

Recommended for you

Featured video

Events

Are investors getting complacent?

Tom Florence, CEO of 361 Capital, discusses growing investor complacency and why he thinks overconfidence might be creeping into adviser and investor decision making.

Latest news & opinion

Nontraded BDC sales in worst year since 2010

The illiquid product's three-year decline is partially due to new regulations and poor performance.

Tax reform debate sparks fresh interest in donor-advised funds

Schwab reports new accounts up 50% from last year, assets up 33%.

Nontraded REITs to post worst sales since 2002

The industry is on track to raise just $4.4 billion, well off the $19.6 billion it raised just four years ago, as new regulations hinder sales.

Broker protocol for recruiting a boon for clients

New research finds advisers whose firms have joined the agreement take better care of customers.

Meet our 2017 Women to Watch

Introducing 20 female financial advisers and industry executives who are distinguished leaders, advancing the business of providing advice through their creativity and hard work.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print