Jones to Pay $40 million to settle with former IRs

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Oct 8, 2007 5:05 pm

I guess someone at Jones told RR Forum that the previous post was not conducive to EDJ recruitment brochures...

 
I posted 4 times in 4 different forums and RR deleted the whole string.  Censorship at its finest!
 
I can't believe that RR hasn't even picked up the $40 million settlement as a magazine story.  Maybe one of the strip mall lawyers, Goldberg,blah,blah,&blah sent them a cease and desist letter. 
Oct 18, 2007 10:50 am

Spike,

   If you wouldn't mind emailing me the particulars on this case I would appreciate it
You can send it to [email protected]   If it has anything to do with reps having to re-pay training costs I definitely want to hear about it.
Thanks!
Duke
Oct 18, 2007 1:02 pm

Duke,


It has nothing to do with repaying training costs.  It has everything to do with Jones expecting you to pay for all of your expenses and then paying you on commission.  It's a Department of Labor violation that they are going to have to pay current and former FA's $40 million bucks.
Oct 18, 2007 1:21 pm

I wonder how they are going to calculate the reimbursement?  Time at Jones, costs out of pocket from the rep, commission offest?  anyone know?

Oct 21, 2007 12:58 pm

Spike,

 
I have heard nothing of this, what sources are you getting info from??
Oct 22, 2007 9:58 am

Don't let him fool you.  Jones released this info weeks ago.  It's the same class action suit that Merrill, Morgan, Smith Barney, and a few others have dealt with. 

 
It's based on a labor law that was passed over 50 years ago, when workers in this country really did need to be protected.  Some attorney somewhere has figured out a way to make some money at the expense of the brokerage firms.  It has to do with overtime, not the expenses that spiked alluded to. 
 
Funny, he didn't start a topic when the same thing happened at the other firms. Why now? 
Oct 22, 2007 2:14 pm

Maybe because he use to sell stuff for Jones...and won many turkeys and t-shirts.

Oct 22, 2007 3:23 pm

This is the second Thurkey joke.. BSpears if you are that upset about the damn turkey you can have mine. I normal just pass on it but heck.. If you really want it.. It's yours!

 
See Jonesess are nice, we share..
 
Miss J
Oct 22, 2007 3:38 pm
Spaceman Spiff:
 
Funny, he didn't start a topic when the same thing happened at the other firms. Why now? 
 
Could be because Merrill, MS and Smith Barney aren't the laughingstock of the brokerage industry.
Oct 22, 2007 3:46 pm

Will you hand deliver the turkey, Miss Jones?

Oct 22, 2007 3:50 pm

I called Bill Dwyer at LPL to discuss Turkeys.  He said , "Get the hell off my ship".....I'm kinda hurt by that.

Oct 22, 2007 3:55 pm

Ha Ha Ha Ha.. You can only get that at the 'Mother' ship..  Wanna come back.. We could get you that Turkey just in time.

 
Now that I am thinking about it.. We have a couple new offices open.. Believe it or not, I read about them on this website.. I'm sure they weren't lying.. Ha Ha Ha.. Seriously Spears- You crack me up cometimes!
 
Miss J
 
Oct 22, 2007 4:42 pm

If I could only make Spiffy laugh...this is all I want.  Make spiffy laugh and enjoy the business.  He seems bitter after his 10 plus years and not 1 offer to become a GP.  I guess the number of turkeys he's won hasn't held up to the superstars in the company.  I bet your a lot more fun at the christmas party than spiffy.  How many beers before you pass out?

Oct 22, 2007 4:53 pm

Spiff knows the truth. He can't handle it.

Oct 23, 2007 4:04 pm
Philo Kvetch:
Spaceman Spiff:
 
Funny, he didn't start a topic when the same thing happened at the other firms. Why now? 
 
Could be because Merrill, MS and Smith Barney aren't the laughingstock of the brokerage industry.
 
So does that make the Jones settlement any different than theirs? 
 
BTW, I think the only people who think that Jones is the laughing stock of the industry would be the people that left Jones.  Cause that's the only people I EVER hear it from.   Boy, if those millions of happy clients out there only knew what you guys know. 
Oct 30, 2007 1:45 pm

Back to topic..any more news on the timeframe for the settlement?

Oct 30, 2007 3:56 pm
Spaceman Spiff:
Philo Kvetch:
Spaceman Spiff:


Funny, he didn't start a topic when the same thing happened at the other firms. Why now?


Could be because Merrill, MS and Smith Barney aren't the laughingstock of the brokerage industry.


So does that make the Jones settlement any different than theirs?



BTW, I think the only people who think that Jones is the laughing stock of the industry would be the people that left Jones. Cause that's the only people I EVER hear it from. Boy, if those millions of happy clients out there only knew what you guys know.





Ask some brokers and clients from Goldman or Bear Stearns how they'd feel about a jump to Jones. You'll hear the laughter.

Oct 30, 2007 6:02 pm

Oct 30, 2007 9:32 pm
Philo Kvetch:
Spaceman Spiff:
Philo Kvetch:
Spaceman Spiff:
 

Funny, he didn't start a topic when the same thing happened at the other firms. Why now? 
 

Could be because Merrill, MS and Smith Barney aren't the laughingstock of the brokerage industry.
 

So does that make the Jones settlement any different than theirs? 

 

BTW, I think the only people who think that Jones is the laughing stock of the industry would be the people that left Jones.  Cause that's the only people I EVER hear it from.   Boy, if those millions of happy clients out there only knew what you guys know. 





Ask some brokers and clients from Goldman or Bear Stearns how they'd feel about a jump to Jones. You'll hear the laughter.



or a jump to indy.  You'll hear the laughter.

Oct 31, 2007 4:59 am

Don't go indy, Max.



Enough people are laughing at you already.