Finra Charges Indie Broker over $50k Loan from Client
Financial Industry Regulatory Authority Department of Enforcement
vs. Brant Andrew Ray
Background: Ray entered the securities industry in 2004 as a registered representative and has since been associated with several firms. As relevant here, he was associated with Commonwealth Financial Network from May 2013 and April 2014 and with Cetera Advisors LLC from April 2014 until his termination in December 2016.
Overview of Allegations: Respondent Brant Andrew Ray improperly borrowed $50,000 from a customer in March 2014. Ray thereafter falsely certified in an annual compliance questionnaire that he was in compliance with his firm’s prohibition against borrowing from customers. He then provided false information about the customer loan in response to questions raised by FINRA staff pursuant to FINRA Rule 8210. Ray falsely claimed in a response letter to Finra that he had spoken with his manager at Commonwealth and notified him about the loan.