Ernesto Chavez (CRD: 4315877) faces a new pending claim on BrokerCheck over an investment made in 2018. The customer alleges $180,000 in damages, and no arbitrator has ruled on the claim.

The Financial Industry Regulatory Authority (FINRA) contains important information regarding securities broker Bradley S. Lay, who is also known as Brad Lay (CRD#: 4633746, Franklin, Tennessee). Evidently, Lay is listed on BrokerCheck as having worked for Raymond James as a securities broker and financial advisor (2013 to 2019) and SA Stone Wealth Management as a securities broker and financial advisor (2019 to present). It appears that Tennessee Department of Commerce and Insurance is investigating Lay. Also, FINRA issued Lay a suspension and fine, and Raymond James ended relations with Lay over alleged misconduct. Let's take a closer look at the disclosures.
Evidently, Tennessee Department of Commerce and Insurance is investigating Brad Lay as of March 2022. Supposedly, the Department is reviewing whether Lay violated a Tennessee law known as Tenn. Code ANN ss 56-6-119(a) for not reporting an administrative action against him. It appears that this administration action concerned FINRA's sanctions of Lay in December 2021.
Notably, FINRA issued Brad Lay a $7,500 fine and a two-month suspension to resolve allegations of unauthorized trading. The regulator states that Lay did not get authorization from a client before effecting transactions. FINRA states that clients' securities transactions involved $184,000 in purchases and sales. Supposedly, Lay did not have trading authorizations. Instead, Lay purportedly depended on clients' spouses to get authorizations. It also appears that Lay made two other securities transactions in a different account before speaking with clients. Lay accepted the findings; however, he did not admit to any wrongdoing. It seems that Lay paid the fine and served the suspension.
Evidently, Raymond James ended Lay's financial advisor and securities broker registrations, as FINRA shows that the broker was "discharged" in August 2019. Notably, Raymond James alleges that Lay made unauthorized trades. Supposedly, Lay took instructions from people not authorized to trade, and he accepted instructions without an accompanying verbal confirmation from a client.
Did Brad Lay cause you to experience losses? If so, touch base with Soreide Law Group at (888) 760-6552 and chat with a securities lawyer about a possible recovery of your losses. Soreide Law Group handles investor dispute cases on a contingency fee arrangement. Also, we advance all costs. The firm has recovered compensation for many investors in the US who incurred losses because of their financial advisors and securities brokers. Please note that Lay denies allegations of sales practice violations.
Ernesto Chavez (CRD: 4315877) faces a new pending claim on BrokerCheck over an investment made in 2018. The customer alleges $180,000 in damages, and no arbitrator has ruled on the claim.
William Tunink (CRD: 2738224) settled a customer claim for $299,000 on August 11, 2026, according to his BrokerCheck report. The customer alleged that he obtained loans from the customer, and that some of the money went into an investment.
Tony Barouti (CRD: 3031995) faces a pending $230,400 customer claim, according to his BrokerCheck report. He says the allegations in it are false. His report also lists SEC administrative and cease-and-desist proceedings from August 2025.
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