Brown Associates Inc.

05/05/2011: FINANCIAL INDUSTRY REGULATORY AUTHORITY LETTER OF ACCEPTANCE, WAIVER AND CONSENT NO. 2009016207701 TO: Department of Enforcement Financial Industry Regulatory Authority ("FINRA") RE: Brown Associates, Inc., Respondent Member [CRD No. 5049] Pursuant to FINRA Rule 9216 of FINRA's Code of Procedure, Brown Associates, Inc. ("Brown" or the "Firm") submits this Letter of Acceptance, Waiver and Consent ("AWC") for the purpose of proposing a settlement of

Reference 2009016207701data-portal.finra.orgfinra.org

07/20/2026: From April 2021 through at least May 2025, Brown Associates failed to establish, maintain, and enforce a supervisory system, including written supervisory procedures (WSPs), reasonably designed to achieve compliance with the firm’s obligations to conduct reasonable due diligence on private placement offerings sold by the firm to retail customers. During the same period, Brown Associates failed to identify and reasonably respond to material discrepancies that appeared in offering documents in several private placement offerings. As a result, Brown violated FINRA Rules 3110 and 2010 and is censured, fined $30,000, and required to certify that it has implemented supervisory systems and procedures addressing the issues identified in this AWC.

Reference 2021071226901data-portal.finra.orgfinra.org