Brian Rice Suspended and Fined by FINRA
Brian Rice (CRD #: 2103354), a broker formerly registered with Raymond James Financial Services, consented to a six-week FINRA suspension together with a $5,000 fine, according to his BrokerCheck Record accessed on November 23, 2021.
According to an Acceptance, Waiver, and Consent agreement dated November 2, 2021, Brian Rice consented to the findings that in January 2019, through a company he partially owned, Brian Rice allegedly borrowed $52,500 from one of his customers, who was also a friend. The loan was documented with a promissory note. Brian Rice reportedly did not notify or obtain prior approval from his member firm Raymond James Financial Services.
The findings further allege Brian Rice incorrectly stated in response to Raymond James’ compliance questionnaires that he had not borrowed money from any of Raymond James’ customers. As a result of his alleged conduct, Brian Rice violated FINRA Rules 3240 and 2010.
You can read a copy of the AWC here.
A broker may only borrow from or lend to one of their firm’s customers if that member firm has written procedures permitting borrowing from customers. If there are written guidelines, the broker in question must follow all of those internal requirements together with the stipulations stated in FINRA Rule 3240, which governs borrowing and lending arrangements between registered members and their member firms’ customers.
A violation of FINRA Rule 3240 also constitutes a violation of FINRA Rule 2010, which requires associated persons to observe high standards of commercial honor and just and equitable principles of trade in the conduct of their business.
As part of the terms of the AWC, Brian Rice consented to a six-week suspension and a $5,000 fine.
Brian Rice’s suspension ends on December 26, 2021.
Brian Rice has passed the following exams:
- Series 65 – Uniform Investment Adviser Law Examination
- Series 63 – Uniform Securities Agent State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 – General Securities Representative Examination
- Series 24 – General Securities Principal Examination
He has also worked with the following firms:
- Robert Thomas Securities (CRD#:10147)
- Smith Barney (CRD#:7059)
- Lehman Brothers (CRD#:7506)
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