The Financial Industry Regulatory Authority (FINRA) barred registered representative Matthew Leon Bradakis, formerly of Edward D. Jones & Co., L.P., for accepting, failing to report and converting for personal use $80,000 of a customer's funds while associated with Edward D. Jones.
According to FINRA's investigation, in 2007, Bradakis received $80,000 from an elderly customer after advising his client to purchase a condominium to be jointly titled in the client's and in Bradakis's name. Bradakis allegedly instructed his client to write a check to Bradakis personally and completely outside of the firm's supervision. After receiving these funds, Bradakis allegedly did not inform Edward D. Jones of the transaction.
The findings state that Bradakis converted his client's $80,000 to his personal use, acquiring $25,381.89 worth of personal expenses, $15,381.89 to repay margin debt in Bradakis' own securities account at Edward D. Jones and using the remaining funds to purchase two condominiums with Bradakis listed as the sole owner.
When FINRA's Department of Enforcement attempted to contact Bradakis in conjunction with their investigation in early 2012, Bradakis' attorney allegedly left a phone message with FINRA, stating that Bradakis would not provide any of the requested information.
If you have invested with Bradakis or any broker or firm that has encouraged you to write personal checks payable to to the broker or another individual, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.