INVESTORS: Former Edward Jones broker Ronald Scott Bright was suspended by FINRA for 15 days following allegations that he exercised discretion in customer accounts without written authorization.
Ronald Scott Bright (CRD#:2702179) was registered as a broker with Edward Jones from 1999 until 2020. Bright is currently registered as a broker and investment adviser with Ameriprise Financial, where he has been employed since April 2020.
Bright has three disclosures on his BrokerCheck report.
February 2022 Regulatory Judgment
Initiated By: FINRA
Allegations: Without admitting or denying the findings, Bright consented to the sanctions and to the entry of findings that he exercised discretion without written authorization when executing transactions for customer accounts in connection with switching certain of the customers’ assets between mutual fund families. The findings stated that Bright made these transactions based on communications with his customers that occurred three or more days before he placed the trades. Although Bright discussed the mutual fund switching strategy with the customers, he did not speak with the customers about the specific trades on the dates of the transactions. In addition, Bright’s member firm had not approved any of these accounts for discretionary trading.
Resolution: Acceptance, Waiver & Consent (AWC)
Sanctions: Civil and Administrative Penalty(ies)/Fine(s)
Registration Capacities Affected: All Capacities
Duration: 15 business days
Start Date: 3/7/2022
End Date: 3/25/2022
March 2020 Employment Separation After Allegations
Firm Name: Edward Jones
Termination Type: Discharged
Allegations: Registered representative admitted to not speaking with certain clients on the same day he made mutual fund exchanges in their accounts. Registered representative also did not meet obligations under the firm’s compliance policies.
February 2019 Customer Dispute
Allegations: The client alleges the financial advisor did not disclose the 10% early IRA distribution penalty and did not recommend using a different account.
Damage Amount Requested: $8,900.00
Settlement Amount: $7,110.00
Broker Comment: After completion of the firm’s investigation, client’s claim was resolved in the amount of $7,900.00. Financial advisor contributed to the resolution in the amount of $790.00.
The Sonn Law Group is currently investigating allegations surrounding Ronald Scott Bright. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.