Robert Logan Jones faces strict sanctions from FINRA for rule violations
Overview of Robert Logan Jones
Robert Logan Jones initially joined FINRA in 1996. He held the position of General Securities Representative with Edward Jones (CRD No. 250) from July 2017 until March 8, 2023, when Edward Jones submitted a Uniform Termination Notice for Securities Industry Registration (Form U5), officially ending Jones’s registration.
On March 28, 2023, an amended Form U5 was filed by Edward Jones, revealing that Jones was under internal review at the time of termination for the “use of digital communication channels (text messaging) and discretionary orders.”
As of now, Jones is not affiliated with any FINRA member, but he remains under their jurisdiction according to Article V, Section 4 of their By-Laws.
Allegations
On October 6, 2023, an Acceptance, Waiver, and Consent (AWC) was issued, barring Jones from any association with any member in all capacities. Jones, without admitting or denying the allegations, agreed to the sanction and the findings.
These findings revealed that Jones declined to provide requested documents and information to FINRA during its investigation into the circumstances surrounding his termination from the member firm.
According to the findings, the firm amended the Uniform Termination Notice for Securities Industry Registration (Form U5), indicating that at the time of Jones’ termination, he was under internal review for his use of digital communication channels (specifically text messaging) and the execution of discretionary orders.
Further details
This case originated from the American regulatory authority examination of the revised Form US submitted by Edward Jones. According to FINRA Rule 8210(a)(1), individuals under their jurisdiction must provide information orally, in writing, or electronically related to any matter in an investigation. Rule 8210(c) emphasizes the obligation to furnish information, and a violation is also a breach of Rule 2010, mandating high standards and just principles in business conduct for member firms and their associates.
On July 5, 2023, as part of the investigation into the circumstances of Jones’s termination from Edward Jones, the American corporation requested information and documents under Rule 8210. Jones, through his counsel’s letter on August 15, 2023, acknowledges receiving the request but refuses to provide the requested information or documents.
By declining to comply with FINRA Rule 8210, Jones has violated both Rules 8210 and 2010.
Additionally, Jones consents to certain sanctions, including a ban from associating with any FINRA member in any capacity. He acknowledges that such a ban or suspension results in statutory disqualification, as defined in their By-Laws and the Securities Exchange Act of 1934. Jay, therefore, understands that during the period of the ban or suspension, he cannot be associated with any FINRA member, even in clerical or ministerial roles, by Rules 8310 and 8311.
The specified penalties in this Acceptance, Waiver, and Consent (AWC) will take effect on a date determined by FINRA. If a bar or expulsion is part of the sanctions, it becomes effective upon the approval or acceptance of this AWC.
Sanctions on Robert Logan Jones
FINRA has prohibited Robert Logan Jones from functioning as a broker or being affiliated with any broker-dealer firm. Jones, who was formerly employed by Merrill Lynch but was terminated on August 8, 2016, is accused of participating in discretionary trading of a client’s investment. Furthermore, his association with EthereumMax (EMAX), a cryptocurrency endorsed by notable personalities such as Floyd Mayweather Jr., has led to his suspension by FINRA.
Conclusion
In conclusion, Robert Logan Jones, formerly associated with Edward Jones, faced allegations related to his use of digital communication channels and execution of discretionary orders, leading to his termination. Subsequently, Jones declined to cooperate with FINRA’s investigation, violating rules 8210 and 2010.
In October 2023, an Acceptance, Waiver, and Consent (AWC) was issued, resulting in Jones being barred from any association with any member. The sanctions also include a ban from clerical or ministerial roles. Additionally, FINRA has imposed sanctions on Jones, prohibiting him from functioning as a broker and affiliating with any broker-dealer firm, stemming from his involvement in discretionary trading and association with EthereumMax (EMAX). These actions underscore the regulatory commitment to maintaining integrity and high standards within the securities industry.
