Mary Beslagic Suspended over Mutual Fund Investments
Mary Beslagic (CRD# 5966835), formerly a broker registered with Edward Jones, recommended an inappropriate investment, according to an investor dispute and a regulatory sanction. MDF Law is investigating the former Manchester, Washington-based financial professional for similar conduct. If you have concerns about your accounts, call our law firm for a free and confidential consultation.
This post post contains additional information about the allegations involving Ms. Beslagic. The information below is based on a February 3, 2025 review of her BrokerCheck profile, a Financial Industry Regulatory Authority profile.
FINRA: Broker Sold Unsuitable Mutual Funds
On December 12, 2024, FINRA released a Letter of Acceptance, Waiver, and Consent (# 2023079509301) outlining its disciplinary action against Ms. Beslagic. As the Letter explains, FINRA alleged that she recommended two customers, a married couple, invest the proceeds of a home equity loan in mutual funds. The customers had taken a home equity loan of $220,000 in March 2022, according to the letter, and planned to use it to buy a home for a family member and to renovate their own home. Ms. Beslagic “was aware” of their plans for the funds, as well as the fact that they had “several other near-term liquidity needs.”
In spite of this awareness, FINRA found, she recommended they invest the funds “in mutual funds that primarily targeted long-term growth and carried the risk of short-term capital loss.” Shortly after the customers purchased these funds, their value started falling. As a result, the customers sold part of their investments “at a loss.” In order to meet their short-term liquidity needs, the Letter alleges, they took out margin loans of approximately $25,000.
Beslagic Suspended, Fined
FINRA concluded that due to the customers’ short-term liquidity needs, Ms. Beslagic lacked a reasonable basis to believe that her recommendation was in their best interest. It found that the recommendation violated Regulation Best Interest. This is an SEC rule that requires brokers conduct reasonable diligence in order to form a reasonable basis to believe that their recommendations are in a customer’s best interest.
As a result of these findings, FINRA issued Ms. Beslagic a two-month suspension from associating with any member firm in all capacities. It also ordered her to pay a fine of $5,000.
Why Did Edward Jones Fire Mary Beslagic?
On August 3, 2023, Edward Jones fired Ms. Beslagic while she was on a leave of absence. According to a disclosure on her BrokerCheck record, the leave of absence stemmed from “concerns including recommending two clients access home equity line proceeds to purchase investments.”
Firm Settled Investor Dispute
On July 11, 2023, a part of investors filed a dispute alleging that Ms. Beslagic made an inappropriate investment recommendation. As a disclosure on her BrokerCheck record reflects, the dispute stemmed from a recommendation that the customers invest the proceeds of a home equity line of credit in mutual funds. In October 2023, her former member firm settled the claim for $24,276.
FINRA: Broker Last Based in Manchester, Washington
Ms. Beslagic launched her career as a broker when she registered with Edward Jones in 2011. She remained at the firm’s Manchester, Washington office until her firing in 2023. Since her firing, she has not registered with any other broker-dealer firm, and she is currently suspended from doing so. Boasting 11 years of experience as a broker, she has completed three industry exams, including the SIE and the Series 7.
Investment Losses? MDF Law Has Your Back
Are you a current or former Mary Beslagic client with concerns about your investments? Were your accounts over-concentrated, or were the risks of certain products or strategies left undisclosed? You may have grounds to pursue a FINRA arbitration claim to recover losses.
At MDF Law, our seasoned broker fraud attorneys have lengthy experience advocating for the rights of investors. Not only do our clients only pay a fee if they recover losses, but we currently provide free consultations to investors across the US. Call 800-767-8040 today to speak with an attorney.