Steven J. Arnold is currently employed as a Broker and/or Investment Adviser at EDWARD JONES located at 2129 TIFFIN AVE SUITE 2, FINDLAY, OH, 45840-8517.
Steven J. Arnold has worked at EDWARD JONES since August 27, 1996
Disclosure History
Steven J. Arnold has 2 Disclosure Event(s).
Date: March 03, 2003 Category: Customer Dispute Allegations: CLIENT STATES SHE HAD SAVED MONEY IN A BANK ACCOUNT AND IR KNEW SHE WAS A CAUTIOUS INVESTOR. IN FEBRUARY 2000, CLIENT STATES SHE WAS ADVISED TO PURCHASE TWO MUTUAL FUNDS AND SHE CLAIMS TO HAVE LOST APPROXIMATELY $25,000. CLIENT STATES IR ENCOURAGED HER TO STAY IN THE INVESTMENTS, ALTHOUGH CLIENT WANTED TO LIQUIDATE ON MORE THAN ONE OCCASSION. CLIENT STATES SHE REQUESTED A SELL ORDER FOR HER STOCK AND REQUESTED A CHECK. CLIENT STATES THE PROCEEDS WERE REINVESTED INTO A MUTUAL FUND WITHOUT HER KNOWLEDGE AND A CHECK WAS NOT ISSUED AS SHE HAD REQUESTED. LOSSES EXCEED $5,000. Damage Amount Requested: $25,000.00 Broker Comment: ACCORDING TO THE IR, HE STATED HE MET WITH THE CLIENT IN FEBRUARY OF 2000 TO DISCUSS THE CLIENT'S OBJECTIVES FOR THE USE OF MONEY MOVED INTO THE EDWARD JONES ACCOUNT FROM HER BANK ACCOUNT. IT IS MY UNDERSTANDING THAT DURING THIS MEETING, IT WAS INDICATED TO THE IR THAT THE CLIENT DID NOT NEED INCOME AND, THEREFORE, SIGNED OUR MUTUAL FUND REINVESTMENT APPLICATION TO HAVE DISTRIBUTIONS FROM HER ACCOUNT REINVESTED INTO MUTUAL FUNDS. AS TO THE CLIENT'S CONCERN WITH THE IR'S ENCOURAGEMENT TO HOLD HER SECURITIES INSTEAD OF SELLING, EDWARD JONES DOES MAINTAIN AN INVESTMENT PHILOSOPHY OF BUYING QUALITY INVESTMENTS AND HOLDING THEM FOR THE LONG TERM. CLAIM DENIED.
Date: March 07, 2001 Category: Customer Dispute Allegations: THE CLIENT IS UNHAPPY WITH THE PERFORMANCE OF HIS GRANDSONS ACCOUNT THE CLIENT STATESHE ASKED ARNOLD TO INVEST IN SOMEHTING THAT WOULD NOT LOSE MONEY AND CLAIMS HE WAS TOLD HE COULD EARN ABOUT 10%. THE MUTUAL FUND IS CURRENTLY DOWN APPROXIMATELY $5,200. THE CLIENT STATES HE IS ALSO NOT HAPPY WITH THE PERFORMANCE OF HIS OWN ACCOUNT,HOWEVER, HIS JOINT ACCOUNT CURRENTLY HAS A REALIZED GAIN OF OVER $7,000. Damage Amount Requested: $5,200.00 Broker Comment: ARNOLD STATED THE CLIENT WAS HAPPY WITH HIS JOINT ACCOUNT PERFORMANCE WHEN HE BROUGHT IN HIS IRA FUNDS AND STATED HE SPOKE WITH CLIENT IN LENGTH ABOUT KEEPING MONEYASIDE FOR EMERGENCIES, SUGGESTING A LADDERING OF CDS WITH REMAINDER IN GROWTH, GROWTH & INCOME AND INCOME MUTUAL FUNDS. ARNOLD STATED BOTH CLIENT AND CLIENT'S SON, WESLEY, WAS INFORMED OF THE RISK OF MARKET FLUCUTATION ASSOCIATED WITH THE INVESTMENTS; A SYSTEMATIC INVESTMENT WAS ESTABLISHED ON WESLEY'S ACCOUNT. ARNOLD STATES HE MET WITH CLIENT AND WESLEY WHEN VALUE OF FUND BEGAN TO DROP AND WESLEYEXPRESSED NO CONCERNS AND PLACED AN ADDITOINAL $2,000 INTO THE FUND. TRADE CONFIRMATIONS WERE PROVIDED ON THE PURCHASES AND PROSPECTUSES WERE PROVIDEDON THE FUNDS. ARNOLD STATES ALTHOUGH HE MAY HAVE PROVIDED A HYPO OR RETIREMENT CALCULATION REFLECTING POTENTIAL GROWTH FOR THE LONG TERM HE NEVER GUARANTEED ANYRATE OF RETURN TO THE CLIENT. CLAIM DENIED.
More Information
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