A financial advisor based in Kentucky has been fined and suspended for operating a bourbon-tasting business without written approval from Edward Jones, his firm at the time.
People from Edward Jones attended at least one of the advisor's bourbon-tasting events, according to the Financial Industry Regulatory Authority, which announced this week that Casey Alan Bright has agreed to a $5,000 fine and two-month suspension and accepted the authority's findings without admitting or denying them.
Bright, now registered as a broker and investment advisor with LPL Financial in Lexington, operated the bourbon-tasting business from 2014 to 2022 without providing prior written notice to or receiving written approval from Edward Jones, FINRA said.
Bright grossed between $75,000 and $100,000 hosting the events in 2021, according to FINRA, which said Bright's activity violated agency rules.
"On at least one occasion, Bright hosted a bourbon tasting for a variable annuity issuer, and several other Edward Jones members/representatives attended this event. Throughout this period, Bright completed annual Edward Jones compliance trainings, which included modules related to disclosure of outside business activities," according to a FINRA acceptance, waiver and consent letter.
