- November 27, 2019
- Commonwealth Financial Network
Gerald Eaton (CRD # 2279093 was a former Financial Advisor at Commonwealth Financial Network in Acton, MA. Gerald Eaton previously worked at John Hancock Distributors.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on October 28, 2019, Gerald Eaton was discharged by Commonwealth Financial Network for allegedly engaging in “forgery, wrongful taking of property.” This conduct prompted FINRA to initiate an investigation, which culminated in Gerald Eaton being barred from the securities industry. In the FINRA sanction, barring Gerald Eaton, FINRA stated:
“Eaton consented to the sanction and to the entry of findings that he failed to provide documents and information requested by FINRA in connection with its investigation that began after learning of the conduct disclosed in a Form U5. The findings stated that in the Form U5, Eaton’s member firm stated that the reason for the termination was that he fraudulently facilitated distributions from clients’ accounts without their knowledge or consent or for their benefit.”
For a copy of the FINRA sanction, click https://www.finra.org/sites/default/files/fda_documents/2019064468601%20Gerald%20A.%20Eaton%20CRD%202279093%20AWC%20va.pdf
For a copy of Gerald Eaton’s CRD, click https://brokercheck.finra.org/individual/summary/2279093#disclosuresSection.
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
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