Mr. O’Bannon was associated with Edward Jones from April 2017 to October 2020. Edward Jones terminated his employment on October 1, 2020, alleging that Mr. O’Bannon had been discharged for concerns that he tried to remedy a processing error in a client account by providing personal funds to the client.

Mr. O’Bannon has been registered with FSC Securities Corporation in West Des Moines, Iowa, since October 2020.

If you have lost money with broker John O’Bannon, Edward Jones, or FSC Securities Corporation, contact New York securities arbitration lawyers Iorio Altamirano LLP for a free and confidential review of your legal rights.

Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. We pursue FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by financial advisors and brokerage firms.

You can reach securities arbitration lawyers August Iorio and Jorge Altamirano of Iorio Altamirano LLP at august@ia-law.com, jorge@ia-law.com, or toll-free at (646) 330-4624.

Mr. San Nicolas was a financial advisor at Edward Jones in Sparks, Nevada, from December 2016 until his employment was terminated in August 2020. Edward Jones discharged Mr. San Nicolas over concerns that a client issued cashiers’ checks in the amount of $49,000 to Mr. San Nicolas with proceeds that were withdrawn from the client’s account at Edward Jones. Mr. San Nicolas stated that the checks were for the option of purchasing two Personal Seat Licenses for the Las Vegas Raiders football team, to be transferred to the client’s name later in 2020. At the time of the termination, the client had not received the purported Personal Seat Licenses.

The client filed a complaint with Edward Jones in July 2020. No further details are publicly available regarding this pending complaint.

If you have suffered financial losses investing with Javelin Mikol San Nicolas or suspect that Mr. San Nicolas did not have your best interest in mind when recommending investments or account transactions, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account or annuity contract.

Iorio Altamirano LLP represents investors that have disputes with their financial advisors or brokerage firms, such as Edward Jones.

FINRA Letter of Acceptance, Waiver, and Consent No. 2020067455201

Javelin Mikol San Nicolas and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on January 19, 2021, after Mr. San Niicolas refused to provide information and documents in connection with FINRA’s investigation into the circumstances given rise to his termination from Edward Jones in August 2020.

On November 3, 2020, December 16, 2020, and December 17, 2020, in connection with FINRA’s investigation, FINRA sent a request to Mr. San Nicolas to produce information and documents pursuant to FINRA Rule 8210. Mr. San Nicolas reportedly stated in an email dated January 6, 2021, that he would not provide the requested information or documents at any time.

By refusing to provide the information or documents, Mr. San Nicolas violated FINRA Rule 8210. Accordingly, FINRA barred him from associating with any broker-dealer in any capacity.

Edward Jones – Supervisory Duties

Brokerage firms like Edward Jones must properly supervise financial advisors and customer accounts. Brokerage firms must also establish and maintain a reasonably designed system to oversee account activity to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to supervise their financial advisors or the investment account activity sufficiently, they may be liable for investment losses sustained by customers.

How to Recover Financial Losses or Obtain a Free Consultation

Investors should be aware that filing a securities arbitration complaint is not the same as filing a complaint directly with a brokerage firm or even through FINRA’s Investor Complaint Center. If an investor is seeking monetary compensation, the investor must initiate a securities arbitration through FINRA Dispute Resolution Services.

Securities arbitration is a unique and complex practice area. Investors should seek out experienced counsel who understands the FINRA forum and can navigate the arbitration process to effectively advocate on their behalf.

If you or a loved one were a customer of Javelin Mikol San Nicola and either sustained financial losses or suspect inappropriate activity, contact New York securities arbitration attorney August Iorio of Iorio Altamirano LLP. August Iorio can be reached at august@ia-law.com or toll-free at (646) 330-4624 for a free and confidential evaluation of your account.

Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. Iorio Altamirano LLP pursues FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by stockbrokers and brokerage firms.

If you have lost money with Drew R. Mantel, contact New York securities arbitration law firm Iorio Altamirano LLP for a free and confidential review of your account.

Drew R. Mantel and FINRA entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) on December 15, 2020, over allegations related to Mr. Mantel’s conduct between June 2017 to September 2019, specifically that he:

• From June 2017 through January 2018, while employed by Edward Jones, Mr. Mantel exercised discretion without written authorization when executing approximately 110 transactions involving seven customers, including four senior investors.
• From June 2018 through September 2019, while employed by Ameriprise Financial Services, LLC, Mr. Mantel exercised discretion without written authorization when executing approximately 30 transactions in seven customers’ accounts, including two accounts that belonged to senior investors.
• Mantel did not have his firms’ approval to exercise discretion in these accounts.
• Manel exercised discretion without written authorization despite informal discipline from Edward Jones in July 2015 and July 2015, and from Ameriprise in July 2019, for the improper use of discretion.
• At both firms, the informal discipline consisted of written warnings and oral discussions about the firms’ policies regarding the use of discretion.

Under FINRA rules, to exercise discretionary power, a broker must have prior written authorization from a customer before executing a trade. FINRA rules require that a customer sign a discretionary disclosure, which allows the customer to place limits on the discretion being granted to the broker. Additionally, the firm must approve the account to be discretionary. A broker can then use his discretion and place trades without obtaining the customer’s authorization first. However, without such written authorization by the customer and firm approval, a broker who receives verbal authorization from a client to execute a trade and makes the transaction violates FINRA rules. Oral permission to execute a trade is not sufficient.

In non-discretionary accounts, customers retain discretion, and brokers must always obtain their customer’s permission before placing a trade. You can read more about unauthorized trading in the context of both discretionary and non-discretionary accounts here: Unauthorized Trading.

Financial institutions, like Ameriprise and Edward Jones, must properly supervise financial advisors and customer accounts. Brokerage firms are required to establish and maintain a reasonably designed system to oversee account activity, such as the improper use of discretion, to ensure compliance with securities laws and industry regulations. When a brokerage firm fails to supervise its financial advisors or the investment account activity sufficiently, it may be liable for investment losses sustained by customers.

If you have lost money with Drew R. Mantel, Ameriprise, or Edward Jones, contact New York securities arbitration lawyer August Iorio of Iorio Altamirano LLP at august@ia-law.com or toll-free at (646) 330-4624 for a free and confidential evaluation of your account.

Iorio Altamirano LLP is a securities arbitration law firm based in New York, NY. We pursue FINRA arbitration claims nationwide on behalf of investors to recover financial losses arising out of wrongful conduct by financial advisors and brokerage firms.