Edward Jones Representative Fined for Failure to Disclose Beneficiary Designation
Steven Olejniczak, a former registered representative with Edward D. Jones & Co., L.P. (Edward Jones) was fined and suspended by the Financial Industry Regulatory Authority (FINRA) for allegedly failing to disclose that an elderly customer had designated him and his wife as account beneficiaries. According to FINRA, Steven Anthony Olejniczak, of Grimes, Iowa, was designated as the beneficiary of 90% of the assets in his elderly customer’s account. Firm rules prohibit registered representatives from being named as beneficiary by his/her own customer while continuing to service the account. Mr. Olejniczak failed to notify his member firm of his own beneficiary designation and the naming of his wife as beneficiary of the customer’s firm account and estate. Additionally, FINRA found that Mr. Olejniczak failed to disclose that his customer had executed a document that gave him medical power of attorney in the event the customer became incapacitated.
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