National investment fraud law firm Haselkorn & Thibaut reports that investment advisor Brody Ralph Bray (CRD# 4727529) has been suspended from acting as a broker or associating with a broker-dealer firm by the Financial Industry Regulatory Authority (“FINRA”). The decision comes after Bray allegedly engaged in outside business activities without providing prior written notice to American Portfolios.
According to FINRA BrokerCheck, Brody Bray was previously registered as a broker with American Portfolios Financial Services, Inc. from 2019 to 2021 in Atlanta, GA. Bray was also previously registered with The Strategic Financial Alliance, Inc. from 2010 to 2019 in Atlanta, GA.
Investors who suffered losses with Brody Bray may be entitled to a financial recovery. Contact an investment fraud lawyer at Haselkorn & Thibaut by calling 1-888-784-3315to discuss your recovery options. There is no recovery, no fee.
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Brody Bray Suspended and Fined by FINRA
On June 14th, 2023, FINRA’s Department of Enforcement entered into a Letter of Acceptance, Waiver, and Consent (“AWC”) with Brody Bray, disclosing that Bray consented to sanctions of a six-month suspension from associating with any FINRA member in all capacities and a $10,000 fine.
According to the AWC, the matter originated from FINRA’s review of a Form U5 filed by American Portfolios. FINRA’s Form U5 is the “uniform termination notice for securities industry registration,” used by brokerage firms each time one of their registered employees leaves the firm, for any reason.
In a Form U5 dated August 18, 2021, American Portfolios reported Bray’s voluntary resignation from the firm, following the firm’s receipt of an inquiry from a state regulatory agency regarding a potential undisclosed outside business activity.
Bray’s Undisclosed Outside Business Activities
According to the AWC, from October 2019 to August 2021, Bray violated FINRA Rules 3270 and 2010 by engaging in outside business activities without providing his firm, American Portfolios, with prior written notice.
FINRA’s investigation revealed that in January 2021, “Bray became an independent contractor for a company that provides subscription-based, investment content for a fee (Company A). Bray received $77,500 in compensation from Company A for his services, which included providing Company A with investment and trade-related analysis and communications”.
Allegedly, “the investment-related content Bray provided to Company A was sent to Company A’s subscribers. These investment-related communications with the public violated the content standards of FINRA Rule 2210 because they contained exaggerated, unwarranted, promissory, and/or misleading statements or claims”.
Brody Bray allegedly violated FINRA Rule 3270 (Outside Business Activities of Registered Persons), Rule 2210(d)(1) (Communications with the Public) and Rule 2010 (Standards of Commercial Honor and Principles of Trade).
Investors who suffered losses with Brody Ralph Bray and/or any other broker at American Portfolios or The Strategic Financial Alliance may have recovery options. Contact an investment fraud lawyer at Haselkorn & Thibaut to discuss your legal options by calling 1-800-856-3352. There is no recovery, no fee.
About Haselkorn & Thibaut
Haselkorn & Thibaut is a leading investment fraud law firm with offices in Florida, New York, North Carolina, Arizona, and Texas. They specialize in fighting for investors nationwide and have over 50 years of experience, having recovered millions for investors with a 98% success rate. Call them now for a free consultation at 1-800-856-3352. No Recovery, no fee.