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Edward Jones Fined $200,000 Over Callable CDs
A New York Stock Exchange hearing panel has fined the brokerage firm for failing to adequately supervise the recommendation and sale of callable CDs. Specifically, the firm failed to adequately disclose the features and the risks to more than 100 customers, for many of whom the callable CDs were unsuitable. Callable CDs are neither short-term investments nor safe.
Jones consented to the findings without admitting or denying wrongdoing. Jones discontinued the sale of the product in November, 2000 but, before doing so, sold the product to over 100,000 investors.
Source: Wall Street Journal, December 21, 2000
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