A hearing panel has fined a former registered rep with the Vancouver office of Edward Jones $30,000 for publishing ads that had not been approved by the firm.

Eddis Petrossian admitted that between October 2003 and May 2004, he published advertisements that had not been approved by Edward Jones. In addition, Petrossian admitted that in or around October 2004, he opened a piece of mail from another IDA Member firm addressed to a client, and used the information to solicit the client’s business.

In a addition to the $30,000 fine, the IDA imposed and a 12-month suspension on Petrossian. As a condition of re-approval, he must re-write and pass the Conduct and Practices Handbook examination. In addition, he must pay $5,000 in costs.

Edward Jones terminated Petrossian’s employment on November 16, 2004.

For a complete summary of facts, please see IDA Bulletin 3469.