Erez Law is investigating claims regarding Richard Andrew Christensen Jr.(CRD #875932, St. Charles, Missouri). Christensen recently entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) in which he was fined $10,000 and suspended from association with any FINRA member in any capacity for a month. See FINRA Case #2012032790401. Christensen was registered with Edward Jones from September 1976 until July 2012.
During its investigation, FINRA found that Christensen failed to provide his firm with prior written notice of his participation in private securities transactions, and failed to obtain the firm’s approval for his participation in the investments. FINRA also found that Christensen participated in private securities transactions on behalf of a limited liability company (LLC), outside the scope of his employment with his firm, involving purchases of securities, which occurred sporadically over a lengthy period of time and involving the investment of almost $2 million. FINRA further found that Christensen served as a co-managing member of the LLC. Christensen used the LLC as a type of holding company for which, in his capacity as co-manager, he made several private investments. Christensen participated in private securities transactions through the LLC by, among other things, contributing half of the funds used to make the purchases and the issuance of checks to make the purchases, according to FINRA. FINRA found these transactions involved securities such as interests in an entity that owned shares of a publicly traded company, convertible promissory notes and common stock. Christensen did not receive any commissions in connection with these transactions. In entering into the AWC, Christensen neither admitted nor denied FINRA’s findings.
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 Christensen’s customers.
If you were a client of Christensen or Edward Jones and have suffered investment losses or financial irregularities, please contact Erez Law to explore your legal options. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies. To learn more, please call us at 888-840-1571 or complete our “contact form.”