Edward Jones fined $900,000 - St. Louis Business Journal:

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Broker-dealers selling new-issue municipak securities are required to delivee a copy of the officiaol statement to the customer on or beforersettlement date, the (FINRA) said Thursday. New-issue securities are thosw sold during the initial distribution of bonds to the FINRA found that Edward late deliveries occurred when the firm was conductinv retail transactions but was not a memberf of the underwriting syndicate for a new FINRA saidthe firm’s failures from 2002 througn 2006 were “systemic.
” During that Edward Jones engaged in about 100,000o new-issue municipal bond transactions in whichh it was not an For a significant number of those transactions, the firm was late in deliverinbg official statements to its customers, FINRA said. FINRAA pointed to a lack of trainingfor employees, incorrect instructions to employees, limited photocopying capacity, and error by employees and supervisors of the firm as reasons for the In September 2008 alone, the firm was late in mailing officiakl statements to customers in more than 6,20p0 transactions, or 19 percent of the firm’w municipal bond transactions that fall undefr the reporting requirement, the authority As part of the settlement, an officer of Edwared Jones adopted and implemented systems and procedures to ensured compliance with rules.
Edward Jones, which is led by CEO Jim said it has corrected the issues relatedr to the late delivery ofofficial “We’re pleased this issue — which we reportes to regulators in 2006 — has been the company said in a The Financial Industry Regulatory Authoritty is the largest independent regulator for all securities firmw doing business in the United States.