Kimson Cao Fired by Edward Jones: Alleged Conflict of Interest

Kimson Cao (CRD# 4357783[1]), a broker registered with San Blas Securities, failed to notify his former member firm of a client’s diminished capacity, according to allegations by that firm. MDF Law is investigating the Atlanta, Georgia-based financial professional for similar conduct. If you have concerns about your accounts, contact us for a free consultation. 

More information about Mr. Cao’s professional history follows below. The information in this post is sourced from his BrokerCheck profile, a Financial Industry Regulatory Authority record accessed on October 1, 2024. 

Why Did Edward Jones Fire Kimson Cao?

On July 29, 2024, Edward Jones fired Mr. Cao, according to his BrokerCheck profile. As a disclosure indicates, the firm terminated his registration following his alleged failure to provide timely notification regarding “a client’s potential diminished capacity.” The disclosure contains no further context about the allegations.

Pending Dispute Alleges Conflict of Interest

On May 15, 2024, a complainant lodged a dispute involving Mr. Cao. As a disclosure on his BrokerCheck record notes, the claimant was the guardian of a deceased client’s accounts. The claim details allegations of conflicts of interest. It also alleges the “referral of client to an estate attorney while client was alleged to have diminished capacity[2].” In addition, it alleges that the referral was made “to secure [the] financial advisor as the lifelong advisor over the investments.” The dispute alleges unspecified damages and is still pending.

Broker Defends Against Allegations

Mr. Cao defended himself against the pending dispute’s allegations in a statement regarding the disclosure. In this “Broker Comment,” he asserts that the claimant is the son of a former client “upset over this client deciding to leave some of his estate to his Alma Maters.” He adds that the matter “had nothing to do with” him or his business. Furthermore, he states that he “did not make any recommendations in this area.” Denying the allegations, he argues that the account “was up roughly $4 million dollars” at the time the client transferred it in 2022. Concluding the statement, he writes that he is weighing an arbitration proceeding against the client’s son and his former firm.

FINRA: Broker Based in Atlanta, Georgia

Kimson Cao launched his career as a broker in 2004. That year, he registered with Linsco/Private Ledger Corporation’s branch office in Fort Mill, South Carolina. Over the course of his career, he registered with firms including J.W. Cole and Edward Jones, with whose Houston, Texas office from 2010 until 2024. He joined his current member firm, San Blas Securities, in September 2024, and is based at its Atlanta, Georgia office. With 20 years of experience as a broker, he has completed three industry exams, including the Series 7 and Series 63. 

Investment Losses? Get a Free Consultation Today

Do you have concerns about investments you made with Kimson Cao? You may have grounds to recover losses. Reach out to MDF Law at 800-767-8040 to chat with our legal team about your circumstances. Our attorneys offer decades of experience advocating for investors, securing more than $100 million in recoveries. We take all cases on contingency—clients only pay a fee if they win—and provide free consultations nationwide. Don’t delay: call MDF Law today.