Financial Industry Regulatory Authority (FINRA) barred securities broker Reuben Lamont Brown [CRD: 7089559, Southlake, Texas], and Edward Jones investors complained about him, according to disclosures on BrokerCheck. Evidently, Reuben Brown worked for Edward Jones from August 2, 2019, to September 2, 2022. Keep reading to learn more about the securities broker’s disclosures.
Brown Expelled By FINRA For Refusing Testimony
Particularly, on March 4, 2024, FINRA issued Case: 2022076164001 sanctioning Reuben Brown. Specifically, Brown was barred from associating with any FINRA member in all capacities. Notably, FINRA alleged that Brown refused to appear for testimony requested by FINRA when it investigated the reason Edward Jones terminated his securities registration. As a result, he violated FINRA Rules 8210 and 2010.
Supposedly, Edward Jones had terminated Brown amid concerns that he referred clients to an investment outside the firm. The firm alleged that this violated its policies regarding private securities transactions. Following this termination, FINRA initiated an investigation and requested Brown's testimony. Brown, through his lawyer, acknowledged receiving the request but chose not to appear for the testimony.
Edward Jones Investor Accused Reuben Brown Of Losses On Clover Capital
Also, on June 12, 2024, an Edward Jones client filed FINRA Arbitration No. 24-01296 about Reuben Brown. Supposedly, Brown presented an investment opportunity called Clover Capital, which he claimed did not contain risk. The client allegedly incurred losses. For this reason, the client requested $130,000 in compensation from Edward Jones or Brown. Currently, this arbitration is unresolved.
Brown Disclosed Sales Practice Allegations By Edward Jones Client
Additionally, a client of Edward D. Jones Co. LP contested Reuben Brown’s sales practices by filing FINRA Arbitration No. 24-01296. Allegedly, Brown suggested an investment opportunity outside the firm with no risk or tax. Supposedly, this was supposed to be a short-term investment; however, the client did not receive their funds back after a year. Further, the client alleged they incurred a tax liability after expressing that they wanted to avoid taxes. Because of this, Edward D. Jones Co. LP opted to settle the matter on April 17, 2024, by compensating the client in the amount of $210,000.
Did You Sustain Losses Because Of Securities Broker Reuben Brown?
Did you suffer financially because of Reuben Brown? If so, contact Soreide Law Group online or at (888) 760-6552 and talk to a securities attorney regarding a potential recovery of your investment losses. Soreide Law Group has obtained recoveries for many investors throughout the United States, works on a contingency fee basis, and advances all costs. Brown and brokerage firms Brown worked for deny accusations of sales practice violations.
