Former Edward Jones Advisor opts for Industry Bar Amid FINRA Investigation

Posted on April 5th, 2024 at 1:27 PM
Former Edward Jones Advisor opts for Industry Bar Amid FINRA Investigation

From the desk of Jim Eccleston at Eccleston Law 

Reuben L. Brown, a former advisor at Edward D. Jones & Co. in Southlake, Dallas, has chosen an industry bar over cooperating with a Financial Industry Regulatory Authority (FINRA) investigation related to his termination from the firm, according to an Acceptance, Waiver, and Consent (“AWC”).

AdvisorHub reports that Edward Jones terminated Brown's employment in 2022, citing concerns that he introduced clients to investments outside the firm, potentially violating FINRA rules against selling away and internal policies against private securities transactions. The firm's Form U-5 employment termination filing initiated the FINRA investigation. Additionally, by refusing to provide testimony, Brown violated FINRA Rules 8210 and 2010, which resulted in an automatic industry bar, as outlined in the settlement finalized recently.

A pending customer complaint against Brown alleges a recommendation for an outside investment opportunity, marketed as "zero risk and zero tax," with a promised short-term duration that has yet to materialize, potentially resulting in a loss of $180,000 for the client.

 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law, finra

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