Reuben Lamont Brown, of Southlake, Texas, a stockbroker registered with Edward Jones, has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Brown failed to testify in a FINRA investigation into allegations of his potential selling away or engaging in private securities transactions during the time that he was associated with Edward Jones. Letter of Acceptance, Waiver, and Consent No. 2022076164001 (March 4, 2024).
According to the AWC, in September of 2022, Edward Jones filed a Uniform Termination Notice for Securities Industry Registration (Form U5) stating Brown’s stockbroker registration was terminated because of concerns that he introduced customers to an investment outside the firm, violating FINRA Rule 3280 and the firm’s policies regarding selling away. FINRA’s investigation into Brown arose from its review of the Form U5 filed by Edward Jones.
On February 16, 2024, FINRA requested testimony from Brown under FINRA Rule 8210. Brown, through his lawyer, acknowledged receiving this request but indicated he would not appear for testimony at any time. By refusing to testify as requested, Brown violated FINRA Rules 2010 and 8210.
FINRA Public Disclosure additionally shows that on July 24, 2023, a customer filed an investment related complaint involving Brown’s conduct. The customer requested $180,000.00 in damages based upon allegations that Brown suggested an investment opportunity outside Edward Jones, claiming it had no risk or tax implications. The customer further alleged that this was meant to be a short-term investment, yet almost a year passed without the funds being returned to the customer. According to the complaint, the customer was additionally exposed to unexpected tax liabilities.
Brown was associated with Edward Jones in Southlake, Texas from August 2, 2019, to September 2, 2022.
