WHY HAS EDWARD JONES BEEN ALLOWED TO SKATE  ?

Have you read the latest Edward Jones Propaganda sent out by Bill 3 Mil Hill, abounding as IF, there never was a PROBLEM, oh like Fraud, and him paying 3 Million to keep his sorry ass out of jail...the Kool Aid just keeps coming from Bill 3 Mil Hill .

The question is, Why hasn't Edward Jones NOTIFIED their client base with a letter explaining the FINES ?  

A LETTER FROM DOUG HILL

'We are focused on the serious, long-term individual investor, and every aspect of our business is aligned to meet our clients' needs." W HAT ABOUT FULL DISCLOSURE ?

"We are committed to a long-term investment philosophy the emphasizes quality and diversification"  For that DIVERSIFICATION WE WILL SEND YOU BROKER AROUND THE WORLD TWICE A YEAR, AS LONG AS THE RIGHT FUNDS ARE SOLD TO YOU !

"We value our relationship with you and want it to be comfortable, convenient and personal"  How about telling your clients the TRUTH, about YOUR FINE, as well as the FIRMS FINES, and WHY ?   Ask a Jones IR, and they say "Everyone is doing it, so it's ok"  REALLY ?  

As you can see, we are ready to serve all your serious, long-term financial needs.  Thank you for the privilege of working with you.

Sincerely,

Douglas E. Hill         &n bsp;         &n bsp;         &n bsp;         &n bsp;         &n bsp;         &n bsp;         &n bsp;    Managing Partner

IF, there are any HONEST Jones Brokers out there, please justify not telling your customer clients the TRUTH  ?      

Doesn't the SEC/NASD require all material facts to be presented to the buying public ?  Why has Jones skated by this ?

Ted Jones and Edward Jones must be rolling over in their graves with DISGUST...........many honest IR's have left, if this total  disregard for honest dialog with YOUR CLIENTS, from YOUR FIRM, is acceptable by you, then there is no HOPE, for the once proud FIRM called:  "Edward D Jones & Company"

I would like to hear some DEFENDERS of this lack of HONESTY and OPENNESS TO YOUR CLIENTS, that trust YOU ?    Let's hear what you tell them ?

Here’s my letter to clients. "Dear Mr Smith, we are a bunch of crooks and I would appreciate it very much if you would transfer your account to Mr Dennis Herula of Raymond James. He can be reached at 1-800-$16,500,000.00. Or, you can contact a fella called “Player” who writes Charles Manson-esque posts on an obscure website. He is a real rational, normal guy with a lot of time on his hands to handle your affairs. He can be reached at 1-800-I’M-A-FREAK.

When they shaved Sampson's beard he was never the same.

Billy Bob,

There can be crooks at any firm--but the message that Jones sends is crooked.  BTW, Hats off to RJ for fighting it out in court when they feel they are in the right...instead of writing a check because they are afraid of publicity.  Of course, it could blow up in their faces--but it's a bold move nonetheless.

While Player might be over the top, his underlying message is correct and on point.

zack.. I respect your opinions,by and large. But....no one at EJ has ever been fleeced for 16 mill. The MF issue is not even close by comparison in terms of hurting investors. Jones is a clean operation, in the grand scheme of things. Jones has followed the letter of the law, and needs to be more careful about following the spirit of the law. I will concede that. It's clearly time to move on. I would say RJ has more to worry about in terms of regulatory issues than Jones does for the next while. However, I won't gloat, nor will I write bizarre, cryptic posts about it like some sick puppy. Man, that guy is WEIRD...

http://www.hawaiibusiness.cc/hb42005/default.cfm?articleid=2

The appeal of this good-neighbor approach, which smells of hot dogs....

BILL-  what you are saying is the truth.  But like Zacko said you are talking about 1 incident.  But the truth be known this type of scheme that Dennis pulled off could more easily occur at Jones and you know it.  The thiefs at Jones fortunately for Jones were small dollars compared to James.  But if you take the number of brokers that have stolen money from Jones clients compared to James there is no comparison.

It’s pretty funny that most of you on this thread have nothing better to do than bitch about Jones all day. You were most likely let go for staying in segment 1 for two years. Look at the times of some of these posts. If you are so freaking smart, why aren’t you meeting with clients and justifying your 1.5% wrap fee in on top of the B-shares your “savvy” clients are in. Most of you are so full of sh*t that it’s funny. Who are you, really?

Zacko, you’re a punk who probably got his ass kicked and his milk money taken all the way up until you turned 30 and moved out of your parent’s basement.

Player, you’re no better. I know for a fact you were let go. You didn’t “free yourself and go indy”. You were given the ultimatum. You are really pathetic.

Hey Truth, back it up with specific examples. I mean date, time, names. Name names of brokers that have “stolen” money. Come on big guy. Back it up!!

hey real truth you sound like a jones broker that likes to bend over to the gp’s. i bet you do the recruiting for them too and when you go on the funny trips you probably dine with the do do…your a funny guy

Bill,

RJ will definetly be in the headlines quite a bit if the stay on their current course.  I spoke with President of RJF about it (he sat down at table with us when I was there a few weeks back) and they are nervous but want to carry the fight as they feel they are right in the Herula case.

Truth be known...I like where I am at, I make more money, have more freedom, have more products, better technology...etc., It's a slam dunk for anyone with a decent book considering leaving Jones to go indy. 

BOTTOM LINE:  Everyone in the industry should be rooting for RJFS in this one.  They have taken a stand.  Something no firm has really done vs. the over-zealous regulators.  I know a bit more than what I am saying--but just know that RJFS is right in this one & they are doing the right thing.  It is easy to negotiate a settlement and move on but they chose a difficult path.  If they win..it will be meaningful for the industry in the long run.

Reservist sues employer
Claim: Military duty led to firing

By Jim Hannah
Enquirer staff writer

COVINGTON - An Army Reservist claimed in a federal suit filed this week that his former employer, Edward Jones, fired him for attending monthly military drills.

http://news.enquirer.com/apps/pbcs.dll/article?AID=/20050402 /NEWS0103/504020357

Edward Jones & Co. may be fined as much as $1.7 million by the NASD for steering investors toward Class B mutual fund shares, which are generally more expensive than Class A shares. The staff of Missouri Securities Division also is recommending civil proceedings against the broker "for failure to supervise revenue sharing and balanced portfolios," the company said.

http://www.washingtonpost.com/wp-dyn/articles/A20125-2005Apr 1.html

The number and scale of investigations into AIG business practices suggest that employees may have been pushed too far, Edward Jones & Co. insurance analyst Kevin Lampo, says. ``Has the culture developed to where people will do anything to meet their targets?'' Lampo asks.

http://www.bloomberg.com/apps/news?pid=10000103&sid=aLw6 V6HBjFCU&refer=us

You see a lot, Dr. Lector. But are you strong enough to point that high-powered perception at yourself? How about it...? Look at yourself and write down the truth. Or maybe you're afraid to.

Truth,

You have to admit that this latest one is just bulls**t.  For all their faults, Jones has never pushed B shares  - they created the A share annuity, they give IR's a haircut on B and C share tickets, and they will stop a trade if you enter a B ticket that could have received a break point.

Zacko,

The issue is that RJFS is being accused of wrongdoing that is much worse than EDJ. You are very protective when it’s your own ass. You are a scumbag. You’re changing horses midstream and I hope your ass drowns you piece of sh*t.

Jonestown, spit it out

I agree with you on this one Newbie.  Jones has pushed A shares.  They use to not bust trades for brokers that sold B shares at a certain limit, but they may have changed.  They do have some huge B share pushers that won't convert to the Jones philosophy and from what I hear they are still there.

MR FAKE-  You can find out the names, dates and times yourself if you are that interested.  It is not a secret as all of the guilty ones have been terminated and most of the cases hit the news.  Go to your compliance chief and they may share this info with you.  I bet you come up with more instances than what James has.