FINRA fined and suspended Mauneel Desai, formerly of Edward Jones in Irvine, California, for creating new accounts using fake information for customers who had not agreed to open accounts with the firm. In turn, says FINRA, Desai's misconduct caused Edward Jones' books and records to be inaccurate.
According to the findings, Desai in August 2015 submitted new account documents on behalf of 28 prospective customers who had not agreed to open accounts at Edward Jones. In these documents, Desai allegedly submitted inaccurate tax identification (TIN) numbers and similar customer information.
The report states that Desai entered random numbers as TINs, and also entered conjectured risk and financial profiles, and investment experience information, none of which he had obtained from the potential customers. This false information thus caused Edward Jones' books and records to be inaccurate.
Submitted by Desai on August 28, 2015, the unfunded accounts were eventually deleted from Edward Jones' open accounts, and the firm discharged Desai in early 2016 for providing false information in opening the unauthorized accounts.
Investigators concluded that as a new registered representative, Desai had certain performance goals to meet in order to receive better compensation from Edward Jones, and that opening the new accounts in August 2015 allowed him to meet his goals for the relevant period.
If you have invested with Mauneel Desai, formerly of Edward Jones in Irvine, or with any broker, financial adviser, or firm that has opened an investment or banking account on your behalf using fake information and without your permission, knowledge, or consent, and this unauthorized activity has proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.