Brody Bray Subject of Outside Business Allegations and FINRA Suspension
Brody Bray (CRD #: 4727529), a broker previously registered with American Portfolios Financial, is facing a FINRA suspension following allegations regarding his outside business activities. This disclosure appears in his BrokerCheck record, accessed on July 24, 2023. More details are provided below.
On June 14, 2023, Brody Bray consented to a suspension and fine following allegations that he engaged in outside businesses without consent from his member firm. He allegedly worked as an independent contractor that provides subscription-based investment content. Brody Bray allegedly received $77,500 from the company as compensation for his services. He allegedly conducted this business using a pseudonym and falsely attested to his firm that he had not engaged in undisclosed outside business activities.
Brody Bray also allegedly violated FINRA Rule 2210 with exaggerated, unwarranted, promissory, and/or misleading statements in communications with customers. One of the communications allegedly described Brody Bray “as the best living trader on Earth today,” and another allegedly claimed subscriber returns of “30%, 50%, and even 100%.”
FINRA Rule 3270 and Outside Businesses
FINRA Rule 3270 requires brokers to disclose any business activities they engage in outside their firm, as well as any compensation they may receive from these activities.
FINRA Rule 2210: Communications with the Public
FINRA Rule 2210 defines how firms and brokers are permitted to communicate with the public (e.g., in advertising). This rule requires all communications with the public to be fair and balanced and free from any false or misleading statements.
Terms of the AWC
As part of the terms of the Acceptance, Waiver, and Consent agreement (AWC), Brody Bray consented to a six-month suspension and a $10,000 fine. You can read a copy of the AWC here.
Investor Dispute
On December 15, 2017, investors alleged that Brody Bray made material misrepresentations and omissions and sold unsuitable and fraudulent investments. The investors sought $60,000 and the dispute settled for $100,000.
FINRA Rule 2020
FINRA Rule 2020 prohibits the use of manipulation, deception, and other fraudulent methods to influence investors’ decisions. This includes the misrepresentation or omission of information, such as an investment’s potential returns, risks, or limitations.
Background Information
Brody Bray has passed the following exams:
- Series 66 Uniform Combined State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 General Securities Representative Examination
Brody Bray has also worked for the following firms:
- American Portfolios Financial Services
- The Strategic Financial Alliance
- FSC Securities Corporation
- Bear, Stearns & Co.
Kurta Law Can Help
If you worked with Brody Bray and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.
For over 20 years, Kurta Law has advocated on behalf of investors who want 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.
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