Kentucky Advisor Fined and Suspended for Undisclosed Bourbon-Tasting Business

Posted on November 12th, 2024 at 2:25 PM
Kentucky Advisor Fined and Suspended for Undisclosed Bourbon-Tasting Business

From the desk of Jim Eccleston at Eccleston Law

A Kentucky-based financial advisor accepted a $5,000 fine and a two-month suspension for operating a bourbon-tasting business without notifying his employer, Edward Jones, as required by FINRA rules. ThinkAdvisor reports that Edward Jones employees attended at least one of Bright’s events. However, Bright failed to seek the firm’s written approval to run the business, which he operated from 2014 until he closed it in 2022.

According to FINRA’s Acceptance, Waiver, and Consent letter, Bright earned between $75,000 and $100,000 from the events in 2021 alone. While employed at Edward Jones, Bright completed compliance training annually, attesting that he understood the requirement to disclose all outside business activities.

 

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

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