Erez Law is currently investigating former Edward Jones broker Reuben Brown (CRD# 7089559), who was barred by FINRA regarding investment losses related to private securities transactions and selling away. He was registered with Edward Jones in Southlake, Texas, from 2019 to 2022, when he was terminated regarding, “Concerns registered representative introduced clients to an investment outside the Firm, in violation of FINRA Rule 3280 and the Firm’s policies regarding “Private Securities Transactions” and “Selling Away.”
In March 2024, FINRA barred him after he “consented to the sanction and to the entry of findings that he refused to appear for on-the-record testimony requested by FINRA during the course of a matter originated from his member firm’s filing of his Form U5. The findings stated that the firm filed a Form U5 noting that Brown had been terminated amid concerns that he had introduced clients to an investment outside the firm in violation of firm’s policies regarding private securities transactions and selling away,” according to the Acceptance, Waiver & Consent (AWC).
Reuben Brown Customer Complaints
He has been the subject of one customer complaint, according to his CRD report:
July 2023. “The client alleges the financial advisor suggested an investment opportunity outside the firm with zero risk and zero tax. Additionally, the client alleges this was to be a short term investment of only a few months; however, it has been nearly a year with no funds returned. Further, the client alleges he incurred an additional tax liability of $30,000.00 when he explicitly stated he wanted to avoid taxes.” The customer is seeking $180,000 in damages, and the case is currently pending.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Edward Jones may be liable for investment or other losses suffered by Reuben Brown’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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