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Mark Saunders: FINRA Suspended Edward Jones Rep Over Unauthorized Trading Allegations

A disciplinary action taken by the Financial Industry Regulatory Authority against former Monroe City, Missouri broker and investment advisor Mark Saunders (CRD# 3060799) suspended him over allegations of unauthorized trading. A former representative of Edward Jones, Saunderswas suspended for 30 days and fined $7,500.

According to a Letter of Acceptance, Waiver and Consent (No. 2018058028601) dated November 2018, Mark Saunders purchased about $33,000 in mutual funds in a family’s trust account at his member firm, Edward Jones. However, according to FINRA, he did not receive authorization for the transactions from either of the trust’s co-trustees, a married couple authorized to act on its behalf. FINRA states that he instead received authorization from the customer’s daughter, though she “did not have written authorization accepted by Edward Jones” to give instructions for that trust’s account at the firm. FINRA found this conduct to constitute violations of NASD Conduct Rule 2510(b) and FINRA Rule 2010.

FINRA’s findings add that in March 2018, Mark Saunders opened four 529 plan accounts for an Edward Jones customer, and on the same day caused the execution of five mutual fund purchases in each account—an investment, according to FINRA, that totaled $6,600. However, FINRA states, he did not receive the customer’s authorization to make cause these purchases, and instead received authorization from the customer’s daughter, who was not authorized by Edward Jones to give instructions for the account. FINRA states that this activity constituted a violation of MSRB Rule G-17.

As a result of the foregoing alleged conduct, Mark Saunders was suspended from association with any FINRA member in any capacity for 30 business days. He was also ordered to pay a fine of $7,500.

Mark Saunders is currently not registered as a broker or investment advisor. His employment history includes Edward Jones in Monroe City, Missouri, where he was registered from 1999 until 2018. He currently holds no state licenses and has passed three securities industry qualification examinations.

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