Former Edward Jones Broker Reuben Brown Barred From the Securities Industry
Meyer Wilson is currently investigating allegations against Reuben Brown, a former broker with Edward Jones, over serious accusations and penalties related to investment mismanagement. These allegations notably include selling away and violating Financial Industry Regulatory Authority (FINRA) regulations, as well as Edward Jones’ own policies.
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Understanding the Allegations Against Reuben Brown
Reuben Brown’s professional journey with Edward Jones, which lasted from 2019 to 2022, ended abruptly after the firm dismissed him regarding concerns about unauthorized external investment recommendations. This practice, often referred to as “selling away,” is against both FINRA regulations and Edward Jones guidelines.
In March 2024, FINRA imposed a permanent ban on Brown from the securities industry. This decisive action came after he refused to testify on the record during a FINRA investigation. The probe, initiated by Edward Jones’ termination of Brown, revealed introductions of clients to external investments, a direct violation of firm and FINRA policies on private security transactions.
Impact on Investors: Complaints against Brown
- July 2023: A notable complaint emerged when a client accused Reuben Brown of recommending an external investment opportunity, supposedly without risk or tax implications. Contrary to promises, the investment lasted beyond the few months specified, leading to a significant delay in fund return and an unexpected $30,000 tax liability. The client is now seeking $180,000 in damages, and the case is still pending.
These customer complaints underscore the potential risks associated with broker misconduct. Under FINRA guidelines, brokerage firms like Edward Jones are responsible for monitoring their brokers’ activities, potentially facing liability for any resulting client losses.
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How Meyer Wilson Can Help
At Meyers Wilson, our commitment to investor protection is unwavering. Our team has decades of experience in representing entities ranging from individuals and trusts to corporations and institutions in actions against brokerage firms. We operate on a contingency basis, meaning we only get paid if you do.
If you have suffered investment losses or been a victim of broker misconduct, Meyer Wilson is ready to help. For a confidential, free consultation, contact us today at 866-938-2021 or visit our website at investorclaims.com.
Article by: Courtney Werning
Recovering Losses Caused by Investment Misconduct.