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Edward Jones Investments, Maryland Heights, North Carolina Complaints & Reviews - misrepresntation, fraud, seedy stock brokers

Edward Jones Investments Contacts & Informations

Edward Jones Investments

Posted:    investinggoneawry

misrepresntation, fraud, seedy stock brokers

Complaint Rating:  77 % with 111 votes
Contact information:
Edward Jones Investments
201 progress parkway
Maryland Heights, North Carolina
United States
Phone: 877-215-9220
My Parents passed away leaving me a generous trust account plus a life insurance policy. Dave Hunt, a independent stockbroker in NC has done everything possible to obfuscate every bit of all information regarding my account. He even tricked me out of a $500, 000 life insurance policy. Edward Jones knows one thing better than investing your money, and that is perpetuating fraud. I have absolutely no clue to how much money is in my account, for they make sure I never find out. I attempted to hire an attorney to get some factual information, buy Dave Hunt's personal shyster put a stop payment on the check. I have repeatedly inquired: If you have nothing to hide, why are you so fearful of me consulting an attorney? This is a question they would not answer. I'm sure everyone reading this knows exactly why. They have a lot to hide. I'd be fortunate if I have $100 left in an account that was worth over $1, 000, 000. Please take my advise: Avoid these con artists at all cost, or you will wake up one day penniless. Thee have already been multiple class action suits against Edward Jones for malfeasance. Their financial 'gurus' do not even need a college degree. all they need is 10, 000 cold calls. I call them 10, 000 chances to con people out of their hard earned cash! You will get a better return hiding your money under a mattress than letting these slime balls touch a penny of your money.
Comments United States Savings & Investments
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 22nd of Feb, 2009 by   afriendA26 -1 Votes
It seems this person is just unhappy with the manner in which his parents established their trust.
Most parents establish trusts like this to prevent their irresponsible, slime ball, children from blowing their legacy on drugs and other vices.
 17th of Dec, 2009 by   StephanieF77 0 Votes
Wow, if you happen to be employed by Edward Jones, which is the most likely reason for your nasty attitude... then you are a pretty bad employee. A real intelligent, loyal employee would want to make sure that allegations such as the man or woman posting is making are false before making ignorant comments. I was looking into employment with Edward Jones and found factual evidences of suits against this company. I am sorry you are sad, ignorant individual sir. And people like you are the exact reason why I will never work with Edward Jones, thank you for help. Also, you have no idea how this person's parents set up this trust, for all you know... they would be rolling in their graves to know that their child has no knowledge of what funds are in his trust. It's disgusting that the poor person can't even retain legal help to make sure their trust is secure and correct. Again, thanks for making the decision obvious.
 13th of Feb, 2010 by   PATSY D HOLLIDAY 0 Votes
I SET UP A SOLO 401K ACCOUNT AND TRANSFERRED THE MONEY OUT AFTER A SHORT TIME. I'M SURE THEY HAD A PLAN FOR ME THAT I WOULD NOT LIKE
 20th of Feb, 2010 by   GGANTA 0 Votes
I'm not sure if you understand the basics of a living trust Stephanie... The Edward Jones Advisor has to follow all implications of the trust, even if an heir or close family member believes that he or she deserves those monies. Fortunately, the EJ Advisor was just doing his job. Otherwise, Edward Jones' headquarters will be glad to release any information that is rightfully his. Furthermore, it is clear who has the "nasty behavior." Bad mouthing about a reputable firm and all of it's employees is rather childish and reactive. "A real intelligent" person would not talk in such terms about a fabulous firm. My whole family works with EJ, including friends and some of my co-workers, we are all glad and wouldn't go anywhere else (we've given many other institutions a try already!). If you chose not to work at EJ, well I'd hate to say that they have been in the top 10 best companies to work for according to Fortune for many years now. Good luck to ya!
 20th of Feb, 2010 by   Helping my Dad 0 Votes
I am in the preliminary process of conducting an investigation where a broker employed by Jones, gained access to relatives money who either had just sold their homes or were on their death beds.

The broker signed up 4 accounts of people over 80 years old and managed to get her hands on family funds by coercing the elderly into signing power of atty etc. I finally caught her when my father passed and against his instructions his money ended back in a new Jones account. My father went to see an atty and closed out his account with Jones and the family was instructed to never put his money in Jones or in the care of this broker. May father is 95

This elder financial abuse is a horrible thing to discover. The victims are unable to protect themselves and the broker at Jones did all her schemes in secret with the help of her spouse. Another 90 yr old lady was told that she could stay with the broker. They put her in a nursing home and a few months later she died leaving all her money to the broker's husband. Her blood heirs received nothing. He got her money and brags that she wanted him to have it and not her family. He just took the money and probate was never involved.

I requested information to audit my parent's investments and the broker won't cooperate so I am forced to take this matter into the US District Court as her deeds were done innerstate.

Jones has a responsibility to evaluate all new accounts and they failed to address the issue that these people are too old to be involved in trading accounts.. Broker misconducted violations are apparent.

If anyone has any input, all the help I can get will be appreciated.

I feel for every one of you that was ripped off. If you have any money at all, these white collar, uneducated brokers, know how to steal it from you and they will.
 27th of Feb, 2010 by   kenfillmore +1 Votes
I worked for Edward Jones as a BOA and was fired by the firm because I would not lie for the financial advisor I worked for. Very sad situation after being trained and instructed to follow all compliance regulations. I am not at all surprised this country is in such financial termoil when we have crooks running the show.
 29th of Mar, 2010 by   ontario gastona +1 Votes
EDWARD JONES IS ABSOLUTELY TERRIBLE

i've filed several complaints with edward jones for their poor service and advice, ending with me losing close to $75, 000.00 over 4 years...my salesman blamed it all on the recession, even though the ceo made 6.6 million in 2008, and their other 5 top advisors made multi-millions as well...yet they cried about their 38% pay cuts, poor babies !!!...my salesman also got his huge commissions of course, even though i lost big time...

http://stlouis.bizjournals.com/stlouis/stories/2009/04/06/story2.html...

my salesman now won't answer my questions (what can he say, really?) and assumes no responsibility and worse yet, no accountability at all for my losses...he sold me poor funds to start with, the same funds edward jones sells to everyone only for million $$ paybacks to themselves...putnam went under at huge losses to all edward jones employees and was involved in a scandal since 2004 yet ej kept selling their funds...

their commissions and fees are outrageous for their "service" and paybacks, and my salesman didn't even mention the added fees to get out the funds and i'm quite sure he'll get some percentage of the fees for that too ...

i filed complaints with their compliance dept. (still under investigation), the regulatory board and securities commission, (both are still investigating) and if i don't get the answers and compensation i deserve, i'll file with my ombudsman and then if need be, a lawyer...there are numerous legal firms online who have taken on edward jones in class action suits and won back millions...they also prey on people with little knowledge of the markets like seniors and non-financiallly/business orientated people...creeps that they are...

whatever happens, if i can save even one person out there from investing with this horrible scam of a company, i'll do whatever i can...
get the word out... "run as far away from edward jones as you can !!!" ... put it on facebook/my space, twitter, emails...anything you can do to save others from HUGE LOSSES (at huge gains to edward jones)...
investing should be a win-win situation for everyone concerned...DO NET, EVER, INVEST WITH EDWARD JONES !!
 14th of Apr, 2010 by   gastonna +1 Votes
well guess what...i've now heard back from edward jones' compliance dept. and as expected, they're equally as useless as their salespeople...they never even mentioned or addressed all the unethical and fraudulent practices and things that my salesman did, which lost me close to $75, 000.00, some of it being money from my mothers' will...the exact same things they've been fined for in numerous states like selling you those bogus funds (like putnam) at HUGE paybacks to themselves...and then they even had the nerve to refer me other edward jones salesmen !!! ... lololol...as if...such THIEVES they have at this "company"...who in their right mind would go near them??!!!...(if only i had done research before trusting these crooks)...
as i keep saying...RUN AS FAST AS YOU CAN FROM EDWARD JONES...they are the scum of the earth and need to go out of business...tell people to stay clear, esp, if you have no knowledge of the markets...how many more innocent victims will they rape financially before they're stopped ??...the markets are unsafe with creeps like this around...
gastona
ontario
 2nd of Jun, 2010 by   Concerned and How +1 Votes
How true. Most people should look at the Edward Jones lawsuit they settled (one of several). Over $100, 000, 000 they had to pay out for putting people in high commission funds when they had better ones available and of course the kickbacks from their big 6 including Hartford and five other cos.. EJ made a killing off of soaking people. RUN people!!!
 18th of Jun, 2010 by   gastona2 0 Votes
edward jones is STILL scamming people...how can this keep happening and who is ever going to stop them

PLEASE PLEASE PLEASE WARN OTHERS ...GET THE WORD OUT THAT THESE THIEVES ARE STEALING MONEY FROM INNOCENT VICTIMS...they are white collar crooks at their finest..

NEVER EVER INVEST YOUR HARD EARNED MONEY WITH THIS FRAUDULENT COMPANY !!!

gastona
 5th of Jul, 2010 by   Cascade Advisor 0 Votes
Just left them last month. Broker tried to act like he fired me when I already told him I was leaving and my new account at Vanguard was opened the same day he mailed his notice to me. Guys they are like most others out there - they are selling what they are told to sell and not investing anything. Wise up and get out of the market by purchasing a save fixed indexed annuity and leave Wall Street to the crooks and the victims.
 8th of Jul, 2010 by   STLRETIREE 0 Votes
I took an early retirement in June 2007 because of various medical problems. I had 200, 000 to last me 10 years until my other annuities kicked in. I was guaranteed by my advisor that I would not lose money because she had me fully diversified. I told her repeatedly this was all I had to live on for 10 years. She told me to quit being paranoid, I would not lose a penny. When the market caved in, she told me she purposely ignored my goals and screamed at me "YOU HAVE NO RIGHT TO RETIRE, GET A JOB. I invested your money for when you really retire, 10 years from now" Then she sent me an email asking me to set up a meeting. I thought she was "nuts", I didn't realize she was setting me to make it look like we hadn't had a conversation. The compliant department denied everything. There salespeople, I mean financial advisors, are not held to any ethical standards. I have never dealt with such vicious, cruel unethical people. RETIREES BEWARE!!!
 22nd of Jul, 2010 by   inquiringmind +1 Votes
As I read the complaints it seems that the problem is probably a handful of advisors that concentrated on making commissions rather than providin their best services. Can you really say that all of the advisors and staff working for the company are out to deceive their customers?

There are other well known companies with advisors doing the same thing to investors. If you don't follow up with the advisor and let them know that you need to understand your monthly, quarterly and annual statements then I can see why you lost control of your money. Trust has to be earned and if your advisor doesn't earn it you should move on.

Just a thought. You are in control not your advisor.
 19th of Dec, 2010 by   staybalanced&diversified 0 Votes
Edward jones have been ranked #1 for Investor Satisfaction in Canada and the U.S for several years running. If you are not comfortable with holding your money for the long term and riding the markets upwards then keep your money either under your pillow or in a cash account. Just dont complain when your money cant buy you half the things you thought it could in 10-20 years time.
 28th of Dec, 2010 by   eli5 -1 Votes
My parents passed away and they had their accounts at Edward Jones. I am the executor and I called the rep and was told that everything was set up as Payble on Death to the heirs. The funds are in a liquid account paying barely any interest, but my parents didnt want to risk losing anything and didnt care about making a profit. The account has checkwriting ability.
The rep told me that we would get the money penalty free and no probate is involved. However, he said the account my parents had needed to be closed and new accounts had to opened for all of the heirs. Is this standard practice? At the banks, we got checks payable to the beneficiaries without having to open new accounts.
One of the heirs said the rep called him and tried to get his info to open the new account over the phone, and was told that a new account had to be opened. Is the rep making this up or is it Edward Jones policy. Do they get extra bonuses for opening new accounts. The heir was told that their would be a fee for closing out the new account, but that it wouldnt be that much. I want to know if this legal so I can be prepared for when I meet with the rep and give him the death certificate and other documentation.
 21st of Jan, 2011 by   Tommy Blocho 0 Votes
Where is the SEC? Obviously they do not open cases based on internet complaints. But it is most apparent that Edward Jones is acting with malicious forethought with their greedy scams to separate people from their money. This is the corporate code of Edward Jones: steal whatever you can, send out documents with erroneous data to obfuscate the crimes we commit so we can continue perpetuating our scams on the majority of our investors, send an occasional bonus so they don't ask questions, and one day we'll ride into the sunset with every last dime. HA-HA - you f***ing imbeciles!~~~
 8th of Feb, 2011 by   eli5 0 Votes
Well they closed the account and charged a $200 or $250 fee to review the death certicate and set up the accounts for the beneficiries. My brother is getting the statements and doesnt understand how to read them so he couldnt give me any more details..
I called the boker and he was out, but his assistand said that that their trust department charges for having to split it into accounts for the heirs. I guess they will probably charge another fee to close out the account they just opened for all of us too. This is crazy since I had other accounts that I was beneficiary on at 4 other banks and was able to close them without any fees or problems. In fact Etrade transferred the IRA account and offerred me $1000 as a bonus if I opened a regular account with them. It seems too good to be true, so I am going to check it out, since it may be a scam too. This is the first time I have dealt with Edward Jones and it will be the last. I worked in the banking industry and it is sad to see that so many palces are fee hungry whores. I think Bank of America is the worst, but I have found some good credit unions and local banks that are not out to rob you. People please shop around and ask questions before you invest. Greedy places realize that a bunch of people dont know better and will not question or realize all the fees that are involved. They depend on this to make income instead of doing business in an honest and truthful manner. I have no problem with the broker at Edward Jones, he is jsut doing his job and did not try to force me to keep the money there. He is just the lure that the big fishes there are using when they are trollling for your money.
 28th of Mar, 2011 by   lovetocamp2 0 Votes
The complaint says the broker is an independent then they bring up Edward Jones so I am not sure which is correct but either way Edward Jones does not create the trusts and it was created by the attorney that the family used. Unfortunately some trusts are established to keep spend thrift children from accessing a lump sum of money. Edward Jones has one of the strictest compliance departments in the industry and as the only employee owned brokerage company they bend over backwards to provide service that allows them to win the J.D. Powers awards year after year. If this broker WAS an employee of Edward Jones and has done something wrong Edward Jones has the assets and the integrity to make it right.
 1st of Apr, 2011 by   Destiny42 0 Votes
I am so upset with Edward Jones. I'm a single mother of two, and descided to start putting away some money for when I retire. I only invested $400.00 not much to some people, but alot for me. However, my job was downsized, and I decided to take out my little bit of money to help me while I'm unemployeed. To my suprise, I recieved a cheque from them totaling $35.69 as my refund ... I did call my account manager, and left a message for him to return my call, which I have not recieved!!! When I called the head office, I was told that the rest of the money were for their fees and taxable fees.
WORD OF ADVISE, NEVER, NEVER, INVEST WITH EDWARD JONES THEY SHOULD BE IN JAIL WITH ALL THE OTHER CRIMINALS!
 7th of Apr, 2011 by   Reba S. 0 Votes
My kids have money in Edward Jones account and was making money. I called after I recieved their monthly report and in one month both of my kids lost $30, 000 from their account that was setup by my uncle before he died for them when they go to college. The person overseeing the account didn't call me at all when they were suppose to when it looses money. I didnt receive a call or letter. I called and found out from another advisor in his firm said sorry and that they will notify me when or if anything else happens. I told them to stick their money into a different account that will not loose money at all. She said ok, and she took over their accounts to keep track of them, since the other guy didn't. Well now, after a few years later, the account that their money is in just lost money. HOW? Its in account that doesn't loose money, its a savings account. And now I got a call today to call this guy at their headquarters and talk about my daughters account. Why not my sons? Doesnt make sense. Also when I called tonight, it says "they are Edward Jones Headquarters and that they are closed, please leave your name and account number and a number for us to call you back when we are open." That didn't sound right. When do they say "leave your account number" on their answering machines and number. So, I'm calling my advisor and taking my money out now. I'm scared now and hoping my daughter didn't loose anything. Plus, also taking my son's out too. You can't trust anyone anymore all because of the way this economy is now. People will con everyone and there are MANY con artists wanting your money. Watch out for someone calling you saying their "Edward Jones". If they do, tell them you cant talk right now and hang up and call your advisor. Someone is scamming someone.

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