Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that Broker/Investment Adviser, Ronald Scott Bright (CRD # 2702179) was recently suspended from the securities industry by FINRA’s Department of Enforcement after an investigation into using unauthorized discretion in customer accounts.
The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. Bright.
Registration Background for Ronald Bright
Mr. Bright first became registered in the securities industry in 1997. He is currently registered with Portland, OR based Ameriprise Financial Services (CRD # 6363). His prior registrations include Edward Jones (CRD # 250) from March 2019 to April 2020, and Olde Discount Corporation (CRD # 5979) from October 1997 to April 1999.
FINRA’s Allegations Against Ronald Bright
According to FINRA Letter of Acceptance, Waiver and Consent (AWC) dated February 1, 2022 (No. 2020066230301), Mr. Bright consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “Between December 2019 and February 2020, [Mr.] Bright exercised discretion without written authorization when executing 149 transactions in 58 customer accounts”;
- “[Mr.] Bright made these transactions based on communications with his customers that occurred three or more days before he placed the trades”;
- “Although [Mr.] 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”; and
- “Additionally, Edward Jones had not approved any of these accounts for discretionary trading”; and
- By virtue of his actions, Mr. Bright violated FINRA Rule 3260(b) regarding discretionary accounts; and FINRA Rule 2010, regarding standards of commercial honor and principles of trade.
FINRA Suspends Ronald Bright from Securities Industry
As a result of such violations and in addition to the above-described findings and conclusions, FINRA’s February 1, 2022, AWC also indicates that Mr. Bright consented to the following sanction(s):
- A 15 business-day suspension from association with any FINRA member in all capacities; and
- A fine in the amount of $5,000.00.
Ronald Bright Has A History of Securities Industry Customer Complaints
In addition to Ronald Bright being suspended by FINRA from the securities industry regarding unauthorized discretion, FINRA BrokerCheck for Mr. Bright reveals that he has a prior history of customer complaints and/or customer-initiated arbitrations including but not necessarily limited to the following:
- On February 11, 2019, a customer initiated a written complaint against Mr. Bright regarding alleged actions that occurred while he was associated with Edward Jones. The customer alleged Mr. Bright did not disclose the 10% early IRA distribution penalty and did not recommend using a different account. The customer further alleged damages in the amount of $8,900.00. On April 8, 2019. The complaint was settled in the amount of $7,110.00 with Mr. Bright responsible for paying $790.00 of the settlement amount.
If you or someone you know has or had a brokerage account with Ronald Scott Bright and have concerns regarding losses in your investments or possible sales practice violations including fraud, you may be entitled to recover lost funds. The Law Office of Kevin J. Deloatch, Esq. has an extensive securities law practice and over 30 years of experience on Wall Street. Call today at (646) 792-2156 for a free consultation. The time to file your claim may be limited so you should call today to avoid delay.
