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

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

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.