Ronald Scott Bright, of Milwaukie, Oregon, a stockbroker formerly registered with Edward Jones, has been fined $5,000.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity founded on findings that Bright effected unauthorized transactions in customer accounts during the time that he was employed by Edward Jones. Letter of Acceptance, Waiver, and Consent No. 2020066230301 (February 1, 2022).
According to the AWC, from December of 2019 to February of 2020, Bright made discretionary trades without written authorization. 149 transactions were executed by Bright in 58 customer accounts. These transactions involved Bright switching customers’ mutual fund holdings.
FINRA states that Bright communicated with customers days before making trades and had not received confirmation on days when trades were made. Bright did not have any permission from Edward Jones to exercise discretion in customer accounts. He violated FINRA Rules 2010 and 3260(b) for this reason.
FINRA Public Disclosure shows that a customer initiated investment related complaint concerning Bright’s conduct was resolved for $7,110.00 in damages supported by allegations of Bright’s failure to disclose penalties on IRA distributions to the customer when he was registered with Edward Jones.
Bright was discharged by Edward Jones on March 18, 2020, based upon accusations of his unauthorized trading and violation of compliance policies at Edward Jones. Since April 14, 2020, Bright has been associated with Ameriprise Financial Services LLC as a stockbroker and investment adviser representative.