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Ronald Bright is the Subject of FINRA Fine and Suspension

Apr 29, 2022 Unauthorized Trading

Ronald Bright (CRD #: 2702179), a broker and investment advisor registered with Ameriprise Financial Services, was suspended by FINRA, according to his BrokerCheck record, accessed on April 20, 2022. 

FINRA Allegations

According to the findings, between December 2019 and February 2020, Ronald Bright allegedly exercised discretion without written authorization when executing 149 transactions in 58 customer accounts.

Allegedly, none of these accounts had been approved by Ronald Bright's member firm for discretionary trading. FINRA Rule 3260(b) prohibits unauthorized discretionary trading. It is not enough for investors to verbally authorize discretionary trading—they must give written authorization, and the firm must accept the accounts for discretionary trading. 

Making unauthorized trades in or facilitating unauthorized withdrawals from a customer's account is a breach of the duty to observe high standards of commercial honor and just and equitable principles of trade, in violation of FINRA Rule 2010.

Sanctions

As part of the terms of the AWC, Ronald Bright consented to 

  1. A 15-day suspension
  2. A $5,000 fine

You can read the full copy of the AWC here.

Employment Termination 

On March 18, 2020, Edward Jones fired Ronald Bright after he admitted to failing to communicate with certain clients on the day he executed mutual fund trades in their accounts. Additionally, he allegedly violated the firm's compliance policies.

Background Information

Ronald Bright has passed the following exams:

  • Series 63 - Uniform Securities Agent State Law Examination
  • SIE - Securities Industry Essentials Examination
  • Series 7 - General Securities Representative Examination
  • Series 52 - Municipal Securities Representative Examination

Ronald Bright is a registered broker in 17 states; he is also a registered investment advisor in Texas.

Besides Ameriprise Financial Services and Edward Jones, Ronald Bright has also worked with Olde Discount Corporation (CRD#:5979).

Kurta Law Can Help

If you lost money while working with Ronald Bright, don't hesitate to contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.