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Skip to Main Content SUBMIT A TIP RECEIVE DAILY NEWS ACCOUNT Menu * News * * Latest News * * UBS Draws Merrill Private Wealth Team with $1.3 Billion in Chicago * * For Intangible-Asset Craze, It’s Midnight in the Stock Market * * Ex-Edward Jones Broker Fired over Margin Loan Clears Record * * Wealth CEOs’ Pay Rises Sharply, In Contrast to Their Employees’ * Close * Advisor Moves * * Rockefeller Lassoes $2.2-Mln Solo UBS Private Wealth Broker in Dallas * * Rockefeller Opens Seattle Office with $5.2-Mln Morgan Stanley Team * * First Republic and UBS Pluck Managers from J.P. 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Edward Jones had accused Michael B. Awosemusi in its U5 termination filing of taking out a margin loan, transferring the funds to a personal account and then writing a check to deposit them into his Jones accounts to “give the appearance of new assets received to improve his performance,” according to his BrokerCheck record. The panel did not provide an explanation for its decision to clear the termination filing. Awosemusi, who did not answer a request for comment for this story sent through social media, wrote in response on his BrokerCheck record that his actions did not violate firm or regulatory rules in attempting to meet monthly new asset performance hurdles. “This was a business decision by my former firm,” he wrote, “More importantly, I always recommended suitable investment decisions for my clients and have not been found to have violated any rules or industry standards.”’ In February, the ex-broker and Jones, prior to the arbitrator’s ruling, had filed a joint agreement, stipulating that the firm wouldn’t object to his expungement request, and, in exchange, he would withdraw any requests for damages. The sole public arbitrator—Dineo C. Gary— issued the award, recommending deleting any reason for termination and changing Awosemusi’s termination from discharged to voluntary. The arbitrator also assessed the $100 in hearing fees to the ex-broker. Awosemusi has since launched a registered investment advisory firm, Empowerment Financial Advisors, in Irving, according to Securities and Exchange Commission registration records. Awosemusi’s lawyers, Samantha Pastor and Dochtor Kennedy at AdvisorLaw in Westminster, Colorado, did not respond to email and telephone calls. A Jones spokesperson said in an emailed statement that the firm’s joint agreement with Awosemusi he had stipulated that it “did not engage in any wrongdoing in connection to his Form U5 or other matters at issue in the request.” James Sallah, a Boca Raton-based lawyer and former SEC enforcement lawyer who was not affiliated with the case, said he agrees the record should have been expunged. Unless the firm had a specific policy against using brokers’ own asset totals in reaching performance goals, there doesn’t appear to have been any wrongdoing with the margin loan funds, he said. The Jones spokesperson did not immediately provide a comment about whether the firm has in place such a specific policy. FINRA BARS EX-EDWARD JONES BROKER AFTER CLIENT SAYS HE REFUSED TO RETURN $893K Edward Jones has reimbursed the client for losses, a spokesperson said. Apr 13, 2022 In "News" EDWARD JONES NOTCHES ANOTHER WIN IN REVERSE CHURNING LAWSUIT The St. Louis broker-dealer said it is “pleased” with a judge’s ruling dismissing, for now, a case against the broker-dealer’s shifting of customers to fee-based accounts. May 11, 2022 In "News" UBS TO CLAW BACK $2.3M FROM EX-BROKER BUT MUST REVISE TERMINATION LANGUAGE The new language still identifies the 18-year veteran broker as discharged but makes the wirehouse’s allegations much less specific and eliminates any mention of clients. Jun 1, 2022 In "News" LIKE THIS ARTICLE? LET ADVISORHUB COME TO YOU! 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