21 years with Edward Jones- ED HOOD
My condolences, sad situation.
Yes it is a sad Story… It’s old news at this point… The really sad part is why he took his life! WTF!
Miss J[quote=MISS JONES]Yes it is a sad Story… It’s old news at this point… The really sad part is why he took his life! WTF!
Miss J[/quote] Yeah, I agree with you. It was last month. He was a GP and an RL for crying out loud. He had a great career with Edward Jones. Maybe the pending lawsuits will bring clarity to this situation.Just do a Google search on William E. Hood and you’ll get part of the story.
I'm sure the regulators are going to try the employer for failure to supervise.654,
I googled..WOW..not what I expected from Ed. He seemed like a really genuine guy. I guess he was a little more money motivated than the rest of us. I wish his family well.I just hope the innocent clients are made whole.
It’s amazing about how the nicest guys end up being thieves…
I’m not going to bash Jones “truce”, but having sat through sessions were long time vets will tell you to do things in which Jones Corporate is singing exactly the opposite, shows to me compliance is letting things pass through or slip through.
I was in one meeting at a time when B shares were being drug through the coles, where the vet told us how easy this business was, and just "put 100k into American Balanced , B share." We all laughed thinking he was joking. He wasn't. Actually got defensive when I stated compliance wouldn't let that fly, "I've been doing that same thing for years! I did it today!!"I agree… Not everyone is on the same page here at Jones… But ‘Oh well’, That is at every firm… I do what is right for my clients and try not to worry too much about the people giving our firm a bad name. i.e. Ed Hood.
Miss JIt is amazing what you can get to go through a compliance department with enough signatures from the clients. I’ve never heard a conversation like spears was a part of at a Jones meeting, but it doesn’t suprise me. We get these red pieces of paper in branch mail every so often telling about people who got fired for this or that. You can usually tell that it’s someone desparate doing something stupid.
Did anyone else find anything strange about the Tennessean's article. Bell, the accountant, said he was innocent and only acting on Hood's instructions. Innocent!? Really?? He didn't know that Ed was stealing money? How come Bell failed to file the income taxes? Could it be because they would have shown all of the transactions and liquidations? Where were the poor woman's kids. If they are making the arguement that she didn't know what she was doing when Ed had her sign paperwork, why didn't they have power of attorney? Or at least duplicate copies of statements. If my mom was in a nursing home because she couldn't take care of herself anymore, and had a million bucks, I'd make darn sure I knew exactly what was happening in those accounts. Greed kicks in after you learn facts like that and you start making plans for that money. I've had discussions with benes over $5000 that got pretty heated. I can't imagine what the conversation was like when the kids suddenly realized that $1.7 million was missing from mom's accounts. From his own actions I would make the assumption that Ed was guilty. No contest. But I don't think his family should be left with the thought that he was the only one at fault. I do hope Jones makes the family whole. With a settlement, not just because some arbitration judge tells them they have to.My understanding was that the CPA was also the trustee! If that is so once again who’s watching the chicken coop? I feel bad for Ed’s family–Ed should have faced the music.
Greed can be so over powering to even the best of people. I just don't think Jones should just write out a check for the full amount of losses and interest to the family--NOW!Correction to my last post, they should write out a check–sorry about that!
I agree. Settle with the family. The arbitration case will most likely only prove that Ed was doing something wrong.
My point was that Ed and EDJ are not the only ones "not watching the chicken coop." Yes, Ed stole a lot of money that needs to be repayed. The son deserves everything his mom was supposed to have left him. But, I don't think that simply because Jones has deep pockets that we should be the only ones to make him whole. That accountant cannot be completely innocent in this. Maybe the arbitration case will prove me wrong. We'll have to wait and see.spiff,
This isn't the first time NASDR/FINRA will be reviewing a case of failure to supervise offense by your employer. Whomever the "branch manager" (a.k.a. FSD) is or was for that region will be let go or transferred to another St.L job. Happens everytime. The worst part is that not only all of the broker's accounts will need to be reviewed but the oversight of all the BMs/FSDs that were reveiwing Mr. Hood's practice should come under investigation too. Sure other firms have this happen, but they haven't run ads claiming their "purity" nor do other firms have rookies teaching rookies. Perhaps I over simplified your previous role at EJ a tad much but fresh from college and teaching "newnew" seems to describe what you were doing. Hope you enjoy your turkey.....if you qualified for one.[quote=eddjones654]spiff,
This isn't the first time NASDR/FINRA will be reviewing a case of failure to supervise offense by your employer. Whomever the "branch manager" (a.k.a. FSD) is or was for that region will be let go or transferred to another St.L job. Happens everytime. The worst part is that not only all of the broker's accounts will need to be reviewed but the oversight of all the BMs/FSDs that were reveiwing Mr. Hood's practice should come under investigation too. Sure other firms have this happen, but they haven't run ads claiming their "purity" nor do other firms have rookies teaching rookies. Perhaps I over simplified your previous role at EJ a tad much but fresh from college and teaching "newnew" seems to describe what you were doing. Hope you enjoy your turkey.....if you qualified for one.[/quote]Plenty of other firms, in all channels, have been guilty of not sufficiently supervising a big producer. It's the whole issue of greed winning out over ethics, and regrettably no firm is immune.
Spiff, I agree–the CPA needs to pay up too–along with some jail time too. This is a sad story all the way around. Though I left Jones 7 months ago–I feel sorry also for those young advisors who heard their regional leader get up in front of them at the meetings and say do what’s best for the clients always. Who do you learn to trust or believe?
Though quite a few of us give all the current Jones advisors some prodding for still being there---we really do not wish anyone ill will. This is a good time to wish all my fellow advisors from all firms a very Happy Thanksgiving. May you enjoy many more happy and healthy holidays with your friends and family.[quote=joedabrkr] [quote=eddjones654]spiff,
This isn't the first time NASDR/FINRA will be reviewing a case of failure to supervise offense by your employer. Whomever the "branch manager" (a.k.a. FSD) is or was for that region will be let go or transferred to another St.L job. Happens everytime. The worst part is that not only all of the broker's accounts will need to be reviewed but the oversight of all the BMs/FSDs that were reveiwing Mr. Hood's practice should come under investigation too. Sure other firms have this happen, but they haven't run ads claiming their "purity" nor do other firms have rookies teaching rookies. Perhaps I over simplified your previous role at EJ a tad much but fresh from college and teaching "newnew" seems to describe what you were doing. Hope you enjoy your turkey.....if you qualified for one.[/quote]Plenty of other firms, in all channels, have been guilty of not sufficiently supervising a big producer. It's the whole issue of greed winning out over ethics, and regrettably no firm is immune.
[/quote] A compliance department can only do so much, regardless of the firm. All oversight is electronic, so if you simply get people to write checks to the wrong places, etc., I'm sure it can be done. I don't feel that these isolated situations are ever the TRUE fault of the B/D (as far as major firms are concerned), but usually a reflection of the individual broker. I would say, without hesitation, that all major B/D's are trying to do what's in the client's best interest (I say major B/D's, as there are still little chop shops out there swindling old people). These are always sad situations, and never end well.
[quote=Broker24]
A compliance department can only do so much, regardless of the firm. All oversight is electronic, so if you simply get people to write checks to the wrong places, etc., I'm sure it can be done. I don't feel that these isolated situations are ever the TRUE fault of the B/D (as far as major firms are concerned), but usually a reflection of the individual broker. I would say, without hesitation, that all major B/D's are trying to do what's in the client's best interest (I say major B/D's, as there are still little chop shops out there swindling old people). These are always sad situations, and never end well.[/quote] boy has spiffy and his ilk edumacated you well. I didn't know you had spent any time doing compliance? If all oversight is electronic then there would be no need for a Compliance department. So you are awarethere is a big difference between local supervision and HO oversight. Just as an excercise check out the top GPs, RL or even the rep down the street at your firm on FINRA and see what sort of compliant history they have... some may be just a nasty as those employed at the "little chop shop".Reading into the story it would be hard to track…CPA sets himself up to be trustee of her trust…FA sells stocks other investments over several years and has checks deposited into a trust in her name. That is where the Field Services Rep at Jones would be able to tract to. Then the trust sent checks out to other accounts at other financial institutions that really belong to the CPA and Ed. The failure to supervise would have been when too much was being taken out and it not be tracked–however, you and I don’t know if their was a field servies inquiry over the past year concerning this.
If nothing else it will fall on the shoulders of Edward Jones for the losses and failure to supervise--but if someone really wants to commit a crime--it is hard to prevent it. What still gets me is that everyone who ripps off a client thinks they are going to get away with it or that it will never be discovered.There is more to the story than you know.
[quote=noggin]There is more to the story than you know.[/quote]
That’s a mighty provocative statement…are you going to share, or at least drop a hint?
I wish I knew more and some days I wish I knew less. I will just say it is a lot larger than 1 account.
That’s what the lawyers are saying…
http://edhoodfraud.homestead.com/[quote=noggin]I wish I knew more and some days I wish I knew less. I will just say it is a lot larger than 1 account. [/quote]
I hear ya…wow so do I hear ya after 15 years at a few firms.
This can be a great business, and it can be a shitty business when people let greed get the better of them.
You just keep doing the right thing…so you can look that guy in the mirror right in the eye each morning…and you’ll be fine.
Be Thankful.
[quote=MISS JONES]I agree… Not everyone is on the same page here at Jones… But ‘Oh well’, That is at every firm… I do what is right for my clients and try not to worry too much about the people giving our firm a bad name. i.e. Ed Hood.
Miss J[/quote]If you keep that mindset, you'll be fine no matter what name is on the front door. Keep it up!
[quote=Indyone]That’s what the lawyers are saying…
http://edhoodfraud.homestead.com/ [/quote]Oh wow...if they are even half right in their allegations this could get ugly for the boys and girls in DesPeres, MO.
[quote=compliancejerk] [quote=Broker24]
boy has spiffy and his ilk edumacated you well. I didn’t know you had spent any time doing compliance? If all oversight is electronic then there would be no need for a Compliance department. So you are awarethere is a big difference between local supervision and HO oversight.
Just as an excercise check out the top GPs, RL or even the rep down the street at your firm on FINRA and see what sort of compliant history they have… some may be just a nasty as those employed at the “little chop shop”. [/quote]
Don’t make this a stupid Jones thing. My knowledge of compliance has nothing to do with Jones. Someone very close to me spent 25 years at NASD regs, breaking up chop shops, infiltrating bad branches (mostly regional B/D’s), etc. I’m no expert, I just grew up being schooled on what happens in these situations. My point was that regardless of the firm, unscrupulous individuals exist everywhere, and can orchestrate scams anywhere. That’s why they are scams. This guy could have done this at Jones, AGE, ML, etc. If you know how compliance works, there are always ways to work around it. I’m not defending Jones. Ultimately, every firm must stand behind all of its’ reps. But every firm will also try to point out that it was not the firm’s doing, but the work of a rogue broker (which is most often the case). At the end of the day, Jones’ back is against the wall on this. It’s like the toy companies - they did not intentionally put lead in their toys from China, they were just not thorough enough in their review of their overseas suppliers.
excellent point
It’s not a stupid E Jones thing, it is a stupid registered rep thing. It just so happens that he was a General partner and a Regional Leader at the formentioned company. Such a situation is a shame not only for Jones, but for all of us in the industry.
Those GP’s just can’t get enough…
Sad, very sad. It could happen at any firm. I wonder what the last thought that ran across his mind…just before that bullet? KOOOOLAID…GREEN KOOOLAID.
Dude, that's pretty cold. Don't turn a tragedy like that into some anti-Jones thing.Sad, very sad. It could happen at any firm. I wonder what the last thought that ran across his mind…just before that bullet? KOOOOLAID…GREEN KOOOLAID.
Dude, that's pretty cold. Don't turn a tragedy like that into some anti-Jones thing.[/quote] A 21 year vet/GP had no complaint until this year (according to FINRA)???? I'm sure there will be a number of FSPEND wire to review especially since there are 2 complaints with FINRA both for elderly clients. Yes this type of behavior occurs at other firms too. It is your santimonous mantra of we always do best by our clients that we (on the "dark-side") take issue with. In other words your employer (and colleagues) are is NO different from another firm so don't hold yourself out that you are.[quote=EdJehovah] Sad, very sad. It could happen at any firm. I wonder what the last thought that ran across his mind…just before that bullet? KOOOOLAID…GREEN KOOOLAID.
Unfortunately, Edward Jones has still not settled with the several families involved in this Tennessee fiasco. Our family is involved. Not only is all the money gone but Edward Jones adds insult to injury by stalling and causing undue stress on these elderly families. Very few of them will be alive when it is settled. What a way to live the last few of your Golden Years.
KarenSorry to hear about your loss. Unfortunately, your family was scammed by one of the biggest scammers in the industry. Buyer beware…considering this person was a GP, you would think the company would try to make things right…but…this is Jones your talking about. I would ask Spiffy why his firm continues to make these families suffer. If I were you Karen, I would give a call to CBS and 60 minutes…they love these sort of things.
That’s just a shame, although I’m sure you can chalk that up to advice EDJ is getting from their attorneys. Those attorneys are paid to carefully craft a settlement that works for all parties, and given the complications, I’m not surprised it is taking awhile. You and your family have my sympathy as you work through this mess.
...and given what I saw on EIA sales, you can add Dateline to the list...I'm sure they'd be intrigued by a story like this...[quote=HurryUpKC]Unfortunately, Edward Jones has still not settled with the several families involved in this Tennessee fiasco. Our family is involved. Not only is all the money gone but Edward Jones adds insult to injury by stalling and causing undue stress on these elderly families. Very few of them will be alive when it is settled. What a way to live the last few of your Golden Years.
Karen [/quote] I understand the situation more than many others. It certainly factored in my decision to leave Ed Jones. It is my hope that my ex firm makes you and your family as whole financially as possible. It is a very sad situation in all aspects.Every $$$$ your family lost should be repaid–period…Jones has the $$$$ to make that happen and get this over with! Work with your attorney–but go on the attack if necessary! Sue for all the lost interest for everyday they fail to pay all the money back.
I would say good luck--but you will win this if you are willing to wait it out!Ed is dead? What about Ted?
Thanks so much. I felt like the $$ that were lost plus interest should have been returned immediately; Even from the perspective of good faith for future lawsuits! But she hasn't gotten a dime...I can't remember what year Ed died, but they knew even before that. I know that they will pay eventually, but not soon enough to help this elderly woman live any kind of life. She's in her late 80's.
Karen
Here, let me be a good citizen today......
Contact UsADDRESS:
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As I close my eyes, I can see Steve Kroft or Katie Couric sitting with the weak, 80 year old, discussing how her and her late husband trusted Jones and Ed Hood to protect their assets. How he stated they were the best firm in the industry and he even stopped by their house back in the 80's. They do it the ol fashioned way,,,face to face....She is having to get donations from her church to eat and pay her utilities. "Mam, how much of your money was lost to the EDJ broker?" 1.2 million....my husband worked 3 jobs for 50 years to save that much...I'm just glad he's not here to see this...Katie--Did you know the MP of EDJ collects vintage cars and makes, reportedly, 8million a year. How does that make you feel? Do you feel the MP is doing enough to make things right with you? Have you seen any money from EDJ? How are you paying your bills right now? Are you still getting your "Meals on Wheels" for lunch?
If I was Katie, I would take the 80+ year old(if able) by old Jims home and doorknock him. Right at dinner time…ask him about the lawsuit…see if he could give the lady some scraps off his dinner table…even see if she could go on one of the diversification trips EDJs gives out…maybe sit in the luxury box at Busch (Inbev) stadium for cubs cardinals game…Her and her husband were too damn busy for 50 years working to go to a game…Karen…IF you don’t contact 60 minutes…I willl.
[quote=HurryUpKC]
Thanks so much. I felt like the $$ that were lost plus interest should have been returned immediately; Even from the perspective of good faith for future lawsuits! But she hasn't gotten a dime...I can't remember what year Ed died, but they knew even before that. I know that they will pay eventually, but not soon enough to help this elderly woman live any kind of life. She's in her late 80's.
Karen
[/quote] Umm...I know I may be hitting a hornet's nest with a stick here, but what do you mean you don't remember what year Ed died? You said you had family involved in this situation. You don't know the details? That comment seems kind of strange to me. Before you take Ms. spears advice on calling 60 minutes, you might want to get your details ironed out. Now, as I've said before in this post, if a Jones GP stole money from someone, I believe it should be paid back and I'm confident at some point in the future it will be. In the meantime I'm sure the lawyers are battling it out and trying to figure out exactly how much was stolen, by whom, and who is ultimately responsible for repayment.At the same time she could go visit all of the other brokerage firms, including LPL, who have had this kind of thing happen to them. I'm sure the FINRA files are full of situations just like this one. That way you can make it an informative piece on the entire industry, maybe take us all down in one fell swoop. Why just limit it to EDJ?If I was Katie, I would take the 80+ year old(if able) by old Jims home and doorknock him. Right at dinner time…ask him about the lawsuit…see if he could give the lady some scraps off his dinner table…even see if she could go on one of the diversification trips EDJs gives out…maybe sit in the luxury box at Busch (Inbev) stadium for cubs cardinals game…Her and her husband were too damn busy for 50 years working to go to a game…Karen…IF you don’t contact 60 minutes…I willl.
Spiffy-
Even you the staunchest Jones supporter on these forums has to be scratching your head wondering why the GP's aren't settling (Hood case) this one to get it out of the way and do what every firm in the industry does; Pay and deny any wrongdoing. I am sure LPL has done it. Many times just like Jones. Wow...now I am a drone of LPL. What color is my drink?Spiff,
You are one of the few EDJoners on this forum for which I have any respect but I really do think that you should stay out of this conversation. Trying to justify the actions of the GPs in this tragic situation is only making you look silly.About time you showed up Spiffy...what were you doing...flippin bonds...anyway...the point is your crappy ass firm runs around saying.."we're the best...we're the only firm who does the right thing for the client"...bullshit...the curtain needs pulled back and you need your ass kicked..and maybe you'll have a little bit of humility and come out of it just a little better than you were before. "WELL...hell....everyone else is screwing and stealing their clients money...so why can't we"...mentallity doesn't work. It wouldn't suprise me if there's a ton more of this happening at your firm.
[quote=Spaceman Spiff][quote=HurryUpKC]
Thanks so much. I felt like the $$ that were lost plus interest should have been returned immediately; Even from the perspective of good faith for future lawsuits! But she hasn't gotten a dime...I can't remember what year Ed died, but they knew even before that. I know that they will pay eventually, but not soon enough to help this elderly woman live any kind of life. She's in her late 80's.
Karen
[/quote] Umm...I know I may be hitting a hornet's nest with a stick here, but what do you mean you don't remember what year Ed died? You said you had family involved in this situation. You don't know the details? That comment seems kind of strange to me. Before you take Ms. spears advice on calling 60 minutes, you might want to get your details ironed out. Now, as I've said before in this post, if a Jones GP stole money from someone, I believe it should be paid back and I'm confident at some point in the future it will be. In the meantime I'm sure the lawyers are battling it out and trying to figure out exactly how much was stolen, by whom, and who is ultimately responsible for repayment. [/quote] Now, Spiff c'mon man. The facts are HE DID STEAL FROM CLIENTS.Thanks so much for the great advice/encouragement/ideas. I have been so frustrated by this. We got a “bill” from the lawyer, who has not hired the first expert witness or done anything but file and keep us informed…for , GET THIS…$75,000. and they added…“so far” So I am seriously considering pulling the Fox News, Dateline, etc. card.
Spiffy, I am going from memory on this and could go back and look up all the dates, but why. I hope you understand that this was input I was giving after reading your talk about the issue. I thought you guys would want a first hand report of the situation. Thanks again... KarenFor $75K, I am surprised your lawyer has not instructed you about discussing the lawsuit on open forums. I am also surprised that part of the deal will not include an agreement not to go public. I am also surprised that you stumbled upon this forum. I am also surprised that your facts are so wrong about the case. Remarkable.
Spears, Spears, Spears. What SHALL we do with you?Spoken like a true Edward Joneser.
Thanks.Heed my words B24…I may go over the top on some issues, but most are right on the money. Could you give one good reason why Jones hasn’t stepped up to the plate and made restitution? This isn’t some newnew in Potash WI who stole, this is one of their brethren. A GP for goodness sake…who taught him how to do this…Maybe he was a visiting vet in Spiffys training classes and spiff took him aside with some “not made for tv info”…because spiff was trying to suck up to the GP…
Look, I may be completely off base with this HurryUpKC person, and if I am, I apologize. My intent is not to side with the GPs. If you’ll take the time to go back and read the earlier posts, you’ll find that my opinion is that if there has been some wrongdoing on the part of a Jones FA, then the firm needs to buck up and make them whole. BTW, it’s not “the GP’s” that are in charge of settling this case. It would be EDJ legal counsel, counsel for the families, probably some forensic accountants, police, FBI, etc. There may be some Jones associates involved, but I would assume only to dig up whatever records there might be on Ed and his office.
I just found it curious that someone who was intimately involved in a huge case like this doesn't know a basic fact like when Ed died. I also find the "spoken like a true Edward Joneser" comment to be interesting. It suprises me that someone outside the industry who happens to stumble across this website would make a comment so, I don't know, spears like. Just seems strange. And the rest of you just blindly believe her...well, I wouldn't have expected much different. You'll believe anything anyone has to say that is anti-Jones.I think on this one, not only have you gone over the top, but you've set a new high for over the top. What proof do you have that Jones HASN'T made restitution? You're going to believe a somewhat anonymous poster on this board? We wouldn't hear about it if Jones had made them whole anyway. The only people who would probably ever really know are the people who they stole the money from. Nobody's going to publish an ad that states who was wronged, how much was stolen, and how much they got back from Jones. And if you haven't thought about it yet, the prosectuting attorneys are not just going to say, give us back what you stole. They're going to say give us back what you stole, plus interest, plus damages, plus your right arm for mental stress and anguish. That's all going to take time. I'll admit, I did teach the elective money laundering course during PDP. Not everyone was invited. Just those folks I figured would kick some back my way. Spears, I think you were there.Heed my words B24…I may go over the top on some issues, but most are right on the money. Could you give one good reason why Jones hasn’t stepped up to the plate and made restitution? This isn’t some newnew in Potash WI who stole, this is one of their brethren. A GP for goodness sake…who taught him how to do this…Maybe he was a visiting vet in Spiffys training classes and spiff took him aside with some “not made for tv info”…because spiff was trying to suck up to the GP…
I don’t know anything about this, but it’s tough to believe that Hurryupkc is legit.
If the poster HurryUpKC is in fact authentic more than strange that the person has been able to find this Forum. More importantly the issue of PRIVACY and these posts could have
ramifications before the courts. Anonymous , B24 and Spiff may be on to something? If HurryUpKC is genuine, a word of caution may be order.I doubt anything she has said on here would be of interest to a court of law. There’s more damaging info in the Tennessean, than whats being said on here. Google Edward Jones and see what pops up…this forum…She may not even be part of the suit. She may be a friend of a friend who knows this lady…who knows…the point is…Jones needs to pay up…and if it means cutting Spiffs payout from 35% to 25%…so be it.
Spears, we all know you are just trying to drum up a little anti-Jones hatred. It didn’t take long to see through it.
Our friend HurryUp is a failed attempt to create controversy. Personally, I think it 's pretty sick. This was a horrible situation for all those involved, and our "imposter" is making light of it.I’m not doing anything except putting out my personal opinions. I’ve been there and no how your oganization operates. If I were you, I’d be pissed they haven’t made them whole, but instead, your so drunk on koolaid, you defend your firm and make excuses. You can deny, deny, deny and act as if this is the victims fault and its all corporate way of doing things…but in the end…its the way your organization operates. I have no dog in this race, but if I did, I would be bringing down holy shit on St Louis. I can’t see why someone hasn’t raised hell with the firm and made this public. I have no idea whether HurryuP is real or not, but to not understand how anyone finds this forum is rediculous. Hell, we’ve got new people popping up all the time…“wow, I’m glad I found this forum, so much great info”…get back to your calls, before your inventory dries up…
How our organization operates? Really? What makes you think Jones is in any way not cooperating with all parties involved? You don't know any more than we do B24 and I do. You take this new poster's information as the truth like she served it to you with her hand on a Bible. Then you go on a rant about 60 minutes, bringing down this and that on STL, etc. Like I said, you've set a new definition for over the top. If you can find one shred of factual evidence that Jones isn't playing ball with the victims in this case, I'll apologize to you.
You need to heed your own advice. Get back on the phone. You've got a secretary's salary to earn.[quote=bspears]I'm not doing anything except putting out my personal opinions. I've been there and no how your oganization operates. If I were you, I'd be pissed they haven't made them whole, but instead, your so drunk on koolaid, you defend your firm and make excuses. You can deny, deny, deny and act as if this is the victims fault and its all corporate way of doing things..but in the end..its the way your organization operates. I have no dog in this race, but if I did, I would be bringing down holy shit on St Louis. I can't see why someone hasn't raised hell with the firm and made this public. I have no idea whether HurryuP is real or not, but to not understand how anyone finds this forum is rediculous. Hell, we've got new people popping up all the time..."wow, I'm glad I found this forum, so much great info"...get back to your calls, before your inventory dries up...[/quote]
Cute.
As far as your other comments...I could scour the internet and find dozens, if not hundreds of instances of crooked brokers, insurance salesmen, duping thousands out of millions. But I don't. Because I know, for the most part, that those individuals are not reflections on an entire firm. What does a bad annuity salesman from LPL that is snaking money from old people have to do with LPL as a firm? Very little. That's why most of us don't take a singular act and try to extrapolate it to every advisor in a firm. Spears, you know it happens at every firm, probably more often than at Jones (not because we are "better" or "holier", but because we require higher compliance oversight due to our structure). You are just so pleased to see that this board has blown up this one instance at Jones. And I am not trying to excuse Hood, Jones, or their attorneys. It was a despicable act, but I also don't know the current facts(about the settlement), nor do I trust some random poster that claims on an open internet forum that Jones is not making one of the victims whole.I have been asked to bow out and I will do that. But I really did want to let you guys know what was happening since you were asking. Sorry to have stirred the proverbial hornets nest. I have already followed much of your advice and it was somewhat consoling to find that this is infuriating to the people who know this industry best. If you need any other info, feel free to contact me.
Apparently, the legal industry also frequents this blog. Thanks for your listening ear and advice.OK, whatever. Are we done with this conversation now?
[quote=B24]
[quote=bspears]I'm not doing anything except putting out my personal opinions. I've been there and no how your oganization operates. If I were you, I'd be pissed they haven't made them whole, but instead, your so drunk on koolaid, you defend your firm and make excuses. You can deny, deny, deny and act as if this is the victims fault and its all corporate way of doing things..but in the end..its the way your organization operates. I have no dog in this race, but if I did, I would be bringing down holy shit on St Louis. I can't see why someone hasn't raised hell with the firm and made this public. I have no idea whether HurryuP is real or not, but to not understand how anyone finds this forum is rediculous. Hell, we've got new people popping up all the time..."wow, I'm glad I found this forum, so much great info"...get back to your calls, before your inventory dries up...[/quote]
Cute.
As far as your other comments...I could scour the internet and find dozens, if not hundreds of instances of crooked brokers, insurance salesmen, duping thousands out of millions. But I don't. Because I know, for the most part, that those individuals are not reflections on an entire firm. What does a bad annuity salesman from LPL that is snaking money from old people have to do with LPL as a firm? Very little. That's why most of us don't take a singular act and try to extrapolate it to every advisor in a firm. Spears, you know it happens at every firm, probably more often than at Jones (not because we are "better" or "holier", but because we require higher compliance oversight due to our structure). You are just so pleased to see that this board has blown up this one instance at Jones. And I am not trying to excuse Hood, Jones, or their attorneys. It was a despicable act, but I also don't know the current facts(about the settlement), nor do I trust some random poster that claims on an open internet forum that Jones is not making one of the victims whole. [/quote] There is a huge difference in someone that works for LPL or Raymond James missusing annuities and a General Partner in a firm bilking people out of their hard earned money. I thought for a while you were a reasonable person but you have proven to me that you are not. Believe me if you could have seen and experienced the things that I did, you would not be at the firm.......Oh, Noggin. You are so, so short-sighted. Simply because you were so close to this does not make it the only firm or only instance of a situation like this. Many, many firms have perpetrated much, much worse frauds than this. Despite how it sounds, I am not at all defending Jones or Ed Hood. But the people on this forum have blown this up into the only case of fraud to come down on U.S. soil. Not only that, Spears, or whoever, comes on here masquerading as one of the defendants??? Come on.
And by the way, the annuity thing was just an example. It would take me 5 minutes to find 5 other real examples of securities fraud on the internet.Just google “raymond james” Dennis Herula
Joe, Truth be told, I was just using LPL as an example, as there is a large percentage of LPL reps on this site, so it was just top of mind. Honestly, I don't consider what someone does at LPL, or RayJay, or Merrill, or EDJ to be a reflection on the firm. No firm WANTS individuals like this. But in the battle to be the biggest, some always slip through the cracks. I also have no doubt that many may have at one time been good, honest advisors. But they got greedy when they stumbled upon a loophole and one thing led to another. Now of course, there are some out there that are just plain dirty.[quote=Spaceman Spiff]OK, whatever. Are we done with this conversation now? [/quote]
I think this horse has been rode hard and put up wet…really now…enough already.
Every firm has lawyers who have the responsiblity, no, DUTY, to their clients to advocate for them and minimize ‘damages’. It sucks, but it’s just how it happens.
And…to the extent there are any dirty indy reps out there, they will do their best to slip their leashes as well.
Having said that, I will note that I’ve observed a few of you citing LPL as a ‘hypothetical’ example. I won’t claim we are as pure as fresh snow, but frankly I’ve seen little of that sort of behavior here. It’s usually more prevalent at the smaller indy b/d’s who are hungry for brokers with big GDC and who have limited compliance infrastructure.
My 2 cents. Take it for what it’s worth.
I am not finding an article over this story anywhere…anyone have a link?
http://www.google.com/search?hl=en&q=%22edward+hood%22+%2B+edward+%2Bjones&btnG=Search&meta=
spaceman spiff,
any updates on this good 'ole GP??Nope. I wouldn’t expect one either. We didn’t hear anything when it happened. And they aren’t going to send updates to the firm on something like this.
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