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Canadian regulators and SROs have said repeatedly that cracking down on advisors who take advantage of senior citizens remains a top priority. A recent case from south of the border underscores why this is probably a good thing.

Read: FINRA dismisses bizarre claim against advisor

Without admitting or denying wrongdoing, former Edward Jones advisor Anthony C. Gray settled with FINRA over allegations that he bilked an elderly couple for a handsome sum. Writes New York-based lawyer Bill Singer:

“Gray convinced an elderly couple to transfer funds from their Edward Jones account to their personal banking account, which was at an institution other than the brokerage firm. Gray allegedly offered to handle the payment of Edward Jones fees and, in furtherance of that purported proposal, he instructed the couple to give him blank checks from their away banking account.”

Click here to see what happened next.

Also read:

If an investment sounds too good to be true…

Pros and cons of no-contest settlements

Originally published on Advisor.ca

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