• Report: #197389
Complaint Review:

Edward Jones

  • Submitted: Tue, June 20, 2006
  • Updated: Fri, February 20, 2009

  • Reported By:Orland Park Illinois
Edward Jones
201 Progress Parkway Maryland Heights, Missouri U.S.A.

Edward Jones, Edward Jones & CO. ripoff dishonestly, deceptively, and frauduently represented their company resulting in the neglect and theft of our money as well as the involuntary closure of my company. Maryland Heights Missouri

*REBUTTAL Owner of company: We going thou the same thing looking for help by who posted this

*UPDATE EX-employee responds: a blessing in disguise!

*Consumer Suggestion: local only

*Consumer Suggestion: Edward Jones

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When Edward Jones says customer service do they mean ruining customer's lives, or is this just another case of the Big Dogs stomping on the little guy?

Since May 15, 2006 my life has been slowly dismantled everyday more and more by the Edward Jones financial company, home based in St Louis Missouri. On May 15 they decided to close my business account without any notice. No notice was even given verbally. That same day they also accepted what would unknowingly be my last business deposit. Still no one cared to inform me I was making a deposit in an account that no longer existed. I kept going on my merry way writing my employees their paychecks, paying for materials, and taking care of the usual business. Then alarmingly people started to let me know their checks were being returned stamped account closed.

Completely bewildered, I immediately called Edward Jones to find out what was going on or how this could even be possible. Rick Powell the Orland Park, IL branch manager said yes they closed my account and even though I had money in the account all checks were going to be returned. I asked how could this be considering my account was not in the negative or anything, and his response was that they felt my account was a risk. Even though I thought this was one of the craziest things I ever heard, I kept my cool and assumed it could be corrected. I then requested for them to at least give me my money back rather than keeping it in my now closed business account. This way I could still salvage some of the damage that they secretly did to me. Rick Powell said they would not release my money claiming that they wanted see what checks I had written first even though it did not matter and they were still going to return them.

Slowly I began to loose all of my customers, understandably so since I could not even use my own company's money to finish their jobs. Then I began to loose employees, whom I did value very much, since not only did their checks get returned but there was no way of paying them. Bills began to pile up. Still my money was not being released, and I was still getting the same excuse they wanted to see if any other checks were going to come in. I quickly lost the business that I started with nothing and made into something very successful. It was my golden gem, my American dream, and the only means of support to my family. It was stolen from me by Edward Jones as if it was nothing.

I tried to contact their compliance department since they are the ones who handle complaints. I heard nothing back. Desperation began to set in, because I soon was going to have to worry about how my wife and I were going to be able to even get by. Edward Jones still had all of my money, and because of them no more money was going to come in either. I attempted to speak with Rick Powell again hoping he may some conscience and help me get back my money back. Not only did he tell me sorry it's out of his hands, but he also announced that he would be freezing then selling my retirement funds as well. I thought there is no way the higher powers of Edward Jones could possibly know what was going on (some of this I understand is actually illegal), so I tried to contact one of the head partner's at Edward Jones named Jim Weddle.

He of course never returned my phone calls just like everyone else at that company. Finally, I was then given his home phone number by an employee at Edward Jones who felt terrible about the situation. She felt surely someone of Jim Weddle's stature would not tolerate his employees engaging in such practices, so I phoned him at his home in St. Louis Mo., and explained my situation to his wife being that he was not there. She said she would have him call me, but again, of course, he did not call. Then one of my former employees thought maybe she could try to help me, and she called him at home too. This time, after she explained my situation again, his wife retorted that this happens all of the time so do what you gotta do.

Now we were really panicked, because it this does happen all of the time, what is going to make them want to make things right with me. It was obviously a normal practice of theirs. Finally, on June 02, the Edward Jones compliance department called me willing to hear what happened. I told them everything their company wrongfully did to me; which is a lot more than what I'm even describing here. I, again, just like with everyone else, haven't heard anything back from them. I did finally receive the money I had in my account on June 06, but quite frankly it's too little too late.

Because of them I not only lost all of my jobs, so no more income, but all my customers want all their money back on top of that, again understandably so. My wife and I signed a contract for our dream home, but because Edward Jones shut my business down, the mortgage I was approved for is no longer. No employment, no mortgage. My wife and I were doing well, on top of the world, but now again because of Edward Jones, the bills piled up so badly we're in a huge hole on top of nothing other than problems.

I want everyone possible to know this story. It still has not worked out for my wife and I, and I'm not sure it ever will. I have contacted every Edward Jones employee who is in authority to help, and more government agencies than most people probably know exist. I have hit nothing other than brick walls. However, I am hoping to at least prevent this from happening to anyone else. No one deserves to loose everything they had and worked so hard for. It is one of the worst nightmares imaginable. Customer's of Edward Jones need to be in the way of caution. If this could happen to me I'm sure it can to others as well. Jim W's wife verified that. In fact, the same employee of Edward Jones who felt bad for me also told me other horror stories of what they do to their customers. I don't think it is safe for anyone to trust all of their money with Edward Jones.

I just hope this problem is only with this financial institution. Otherwise, our hard earned money may not be safe anywhere. If you have any questions, or would like to see the proof of what they did to me, please contact me.

Robert and Karen
Orland Park, Illinois

This report was posted on Ripoff Report on 06/20/2006 09:39 PM and is a permanent record located here: http://www.ripoffreport.com/reports/edward-jones/maryland-heights-missouri-63043/edward-jones-edward-jones-co-ripoff-dishonestly-deceptively-and-frauduently-represen-197389. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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Updates & Rebuttals

#1 REBUTTAL Owner of company

We going thou the same thing looking for help by who posted this

AUTHOR: Help us please - ()

We also are haveing a problem with Edwards jones I wood like to get in tuch with you Robert and Karen please help me and my friend was getting married and cause of Edwards jones we have no money can't buy the house we getting his son is sick needs a surgery we need our money to help the little boy leve comments what lawyer do we call is there a number to a lawyer that can help us get our money back from Edwards jones we did not want to invest in the FRIST place we was at our bank renewing a CD and thay put our money in edwards Jones it has been 6 mos no closer to getting money run around after run around our life's are falling apart please if u have any info to help us to the right person to help let us know thanks lawyer. Someone that can help we are also from St. Louis 

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#2 UPDATE EX-employee responds

a blessing in disguise!

AUTHOR: Brandon - (U.S.A.)

Since this happened in mid 2006, they probably saved you from making one of the worst investments of your life, a house. If you had bought that "dream house" chances are it would be worth about half the price in the current day. Secondly no financial institution is going to allow you to get cash back out less than a week after making a check deposit because of fraud, they need to let the check clear first. You probably also forgot to mention that the checks you wrote were expired checks or you hadn't wrote a check in over a year causing them to bounce. Lastly, why were you buying a house when you didn't at least have 3 months worth of living expenses saved up for just this type of situation.
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#3 Consumer Suggestion

local only

AUTHOR: Paul - (U.S.A.)

Sounds more like you had a problem with a local office of EJ...not EJ itself.

Like any ohther fincial deal, you must know & trust the one you are investing with.

I for one would never put business assets into EJ, only investments and some minor pieces at most.

To me, its not smart business to have business assets tied to a investment co.

The last biz I ran, I had 4 different sources for payroll funds & two different sources for business funds access.. none were investment based.

Now I did put the profit of the biz in EJ, but that was often pure $$ after biz was built up enough.
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#4 Consumer Suggestion

Edward Jones

AUTHOR: Jamie - (U.S.A.)

There is often times many different reasons why a restriction can be put on an account, many times without the branches actual knowledge or request.

There had to be a reason this was done, were you ever notified of this reason? When exactly did you lose use of the funds in your account, and when did you get them back?

The reason you were not able to get a call from Jim Weddle, is because he is the managing partner in the company (equivalent to a CEO in a corporation) So understandably he probably didn't want to get involved, despite what some people believe, sometimes taking it to the top of an organization is a not the best way to get something solved.

I would like to know who you talked to and the types of conversations you had with them.

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