Edward Jones Discharges Stockbroker For Unsuitable Recommendations
Albert Lewis DeGaetano of Independence Ohio a stockbroker formerly registered with Edward Jones has been discharged by the securities broker dealer on January 25, 2019 based upon allegations that (1) transactions had been executed by DeGaetano in Edward Jones customer accounts without their knowledge or consent and (2) mutual fund and exchange traded funds trades placed in customer accounts by DeGaetano were not uitable or appropriate as they failed to comport with the customers’ investment objectives.
FINRA Public Disclosure additionally reveals that DeGaetano is the subject of at least one dispute from a customer of his at Edward Jones. The dispute contains accusations consistent with those set forth by Edward Jones as justification for terminating the stockbroker. Specifically, on April 30, 2019, a customer initiated investment related complaint involving DeGaetano’s activities was resolved for $120,000.00 in damages supported by allegations that unauthorized purchases and sales of common or preferred stock had been executed by the stockbroker; the customer was charged unwarranted commissions; and the customer’s investment instructions of liquidating assets had been disregarded, preventing the customer from receiving requested funds.
Since September 23, 2019, DeGaetano has been employed by Cabot Lodge Securities LLC.