The Financial Industry Regulatory Authority last month barred Reuben L. Brown, a former Edward Jones representative in Southlake, Texas, for refusing to appear for on-the-record testimony about accusations that he had encouraged a client to invest with him outside the firm, the authority said.
According to a letter of acceptance, waiver and consent, Brown joined Edward Jones in August 2019, but in September 2022 was terminated over concerns he had introduced clients to an investment outside the firm, violating both Finra Rule 3280 and the firm’s own policies about private transactions and “selling away.”
In addition to that disclosure, Brown also has a pending customer dispute from July 24, 2023, in which the client alleged he suggested the client invest $180,000 in an opportunity outside the firm with zero risk and zero tax, according to BrokerCheck.
While the allegation said that it was supposed to be a short-term investment of just a few months, almost a year had passed with no funds returned. In addition, the client sustained a $30,000 tax liability, the dispute description said.
It's unclear if the logged dispute is the same allegation that resulted in Brown’s termination.
Brown, who was dually registered, could not be reached for comment. His attorney, Christopher Tovar in Howell, Mich., did not return a call for additional information.
According to Brown’s LinkedIn page, he currently lives in Frisco, Texas. He lists as current employment a position as chief operating office for Clover Capital, which lends money to businesses based on future sales. He also lists a current position as managing director, Americas, for SBFO Global, which arranges various kinds of corporate financing.
Among his self-reported skills are mergers and acquisitions, buy-side deal strategist, business consulting and business mentoring.