Erez Law is currently investigating former Edward Jones financial advisor John Maloney III (CRD# 726108) regarding customer investment losses. Maloney has been registered with Woodbury Financial Services, Inc. in Morristown, Tennessee since June 2016. Previously, he was registered with Edward Jones in Morristown, Tennessee from 1981 to June 2016 when he was terminated regarding, “Mr. Maloney did not adhere to the Firm’s policy regarding Suitability of Recommendations.”
Maloney has been the subject of five customer complaints between 2002 and 2017, one of which was denied, according to his CRD report. Recent customer complaints include:
- November 2017. “Plaintiff alleges misrepresentation, suitability, breach of fiduciary duty, breach of contract, negligence, supervision and churning in the handling of her accounts for the time period of 12/29/1998 through 5/10/16.” The case is currently pending. The case is regarding common and preferred stocks.
- September 2017. “Suitability of investment in fire eye stock.” The customer is seeking $329,523.72 in damages and the case is currently pending. The case is regarding common and preferred stocks.
- August 2016. “Claimants allege Mr. Maloney’s recommendations to purchase individual equities were unsuitable.” The customer sought $5,000 in damages and the case was settled for $132,500.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Edward Jones may be liable for investment or other losses suffered by Maloney’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.