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

Arbitration puts blame on client's power of attorney, not firm
SEP 01, 2017

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.

Latest News

WallStreetBets takes on the SEC — and makes a surprisingly sharp case
WallStreetBets takes on the SEC — and makes a surprisingly sharp case

The Reddit trading community's formal comment letter against the proposal is drawing widespread attention across finance and tech circles.

Stratos Wealth Holdings closes 11 acquisitions in push for advisory scale
Stratos Wealth Holdings closes 11 acquisitions in push for advisory scale

RIA aggregator adds $4.8 billion in client assets across seven states as demand grows for alternatives to traditional succession models.

Beyond wealth management: Why the future of advice is becoming more human
Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management

Shareholder sues FS KKR Capital board, alleges NAV and dividend cover-up
Shareholder sues FS KKR Capital board, alleges NAV and dividend cover-up

Shareholder targets FS KKR Capital's directors over alleged portfolio valuation and dividend missteps.

UBS loses $1.2 million arbitration claim linked to variable annuities and margin
UBS loses $1.2 million arbitration claim linked to variable annuities and margin

UBS has a history of costly litigation stemming from the sale of volatile investment products.

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management

SPONSORED Durability over scale: What actually defines a great advisory firm

Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline