Brant Ray, formerly of Commonwealth Financial Network, Subject of Second FINRA Complaint
Have you lost money with financial advisor Brant Ray of Southhaven, Mississippi? We are continuing our investigation into allegations made by FINRA, the Financial Industry Regulatory Authority, against Brant Andrew Ray. FINRA was investigating Ray after he was alleged to have borrowed $50,000 from a client. In late May 2017, FINRA filed a second complaint against Ray, alleging that he provided false information to FINRA in response to its investigation.
It is generally against securities rules and regulations to borrow money from customers, except in limited circumstances. Moreover, most brokerage firms, like Ray’s former brokerage firm Commonwealth Financial Network, prohibit brokers from accepting loans from clients.
Brant Ray was a financial advisor and registered representative of Commonwealth Financial Network from May 2013 to April 2014. He worked at branch offices in Southhaven, Mississippi. Ray also filed for bankruptcy in 2015.
Brokerage firms like Commonwealth Financial Network have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado and the Seattle area. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in Mississippi. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including Commonwealth Financial Network
Click to view: Ray, Brant FINRA Complaint (1)
Click to view: Ray, Brant FINRA Complaint 5.31.17
Click to view: Ray, Brant BrokerCheck 5.2.17 (1)
If you lost money with Brant Ray or Commonwealth Financial Network, please CONTACT US at 206-795-5798 or 720-599-3505 for a free evaluation of your case.
Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.