By Robert H. Rex, Esq.
On February 26, 2014, New Hampshire Bureau of Securities Regulation finalized an agreement with Edward D. Jones & Co. regarding alleged violations of telephone solicitation rules. The NH Securities regulators determined that Edward Jones violated New Hampshire securities laws when their brokers made solicitation (cold calls) calls to residents of the state whose phone numbers were registered on the National Do Not Call Registry.
The New Hampshire regulators also determined that Edward Jones failed to properly train its agents in the area of telephone solicitation and failed to maintain proper supervisory procedures. To resolve the matter Edward Jones agreed to modify its policies and procedures in the area of telephone solicitation and to pay an administrative settlement of $750,000. According to the press release, which can be accessed here, this is one of the largest settlements in the area of telecommunications ever paid by a securities firm.
This is one of four actions brought by the NH Securities Bureau. The other three remain pending.
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