Timothy J. Kirley Has Been Named as Part of an Edward Jones Class Action Suit for Alleged Unnecessary Fees & Violation of Fiduciary Duty
Timothy Kirley has been named as part of an Edward Jones putative class action suit for alleged unnecessary fees & violation of fiduciary duty, all according to a customer complaint disclosed in publicly available records maintained by the Financial Industry Regulatory Authority (FINRA).
The investor rights lawyers at Goldman Scarlato & Penny law firm are investigating Mr. Kirley’s conduct to determine whether any investors may have claims for alleged unnecessary fees & violation of fiduciary duty. Investors may contact investor rights attorney Alan Rosca to provide information or inquire about their legal options.
Timothy Kirley Named in an Edward Jones Class Action Law Suit where Commission-based Accounts Were Allegedly Moved into Fee-based Accounts
Timothy Kirley was named as part of an Edward Jones putative class action suit by persons whose commission-based accounts with Edward Jones were allegedly moved into fee-based accounts from March 30, 2013 through March 30, 2018, according to FINRA Reports.
Said case rests on allegations of a alleged reverse churning operation in which advisors allegedly moved largely dormant accounts into the fee-based side of the practice, when the commission model would have reportedly better served the clients, FINRA states.
The Complaint states:
In orchestrating this scheme to churn revenue from essentially dead assets, Edward Jones made misleading statements and material omissions to their clients, including plaintiffs, about the amount of fees they would pay.
Kirley has worked at Edward Jones since 1983, and only has one disclosure on his record, FINRA notes.
Brokerage firms such as Edward Jones have a responsibility to adequately supervise all of their registered representatives who are employed through their firm, to prevent violations of securities rules and regulations. Brokerage firms also must initiate action to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. If and when brokerage firms fail to adequately supervise their registered representatives, they may be held liable for investment losses sustained by customers.
Securities Lawyer Investigating
The Goldman Scarlato & Penny PC law firm represents investors who lose money as a result of investment-related fraud or misconduct and are currently investigating Timothy Kirley’s alleged unnecessary fees & violation of fiduciary duty. The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to securities class actions.
If you or a loved one or a friend has lost money investing with Timothy Kirley, you may contact attorney Alan Rosca or his colleagues for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at email@example.com, or through the contact form on this webpage.