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.


What do you think?

View comments

Recommended for you

Featured video


How InvestmentNews picks its Women to Watch winners

The process is laborious and exacting, but well worth it. The end result each year is an impressive group of women in the advice industry from whom others can draw inspiration.

Latest news & opinion

Some good news about female recruitment in financial advice

Each of four core advisory positions tracked in InvestmentNews' benchmarking study has seen an uptick in women entrants.

10 ETFs that are up more than 35% this year

Amid the stock market carnage, there are still some funds posting big gains.

10 biggest HSA providers rated

Morningstar rated the largest plan providers as investment and spending vehicles.

Morningstar: DOL fiduciary rule reduces inflows to mutual funds with high loads

With the measure's demise, will the SEC's advice reform sustain the momentum?

6 tax strategies for year-end planning

How to help clients maximize their wealth using specific tax strategies before the end of the year.


Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting It'll help us continue to serve you.

Yes, show me how to whitelist

Ad blocker detected. Please whitelist us or give premium a try.


Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print