February 16, 2016- Carrollton, Texas
The Texas State Securities Board (TSSB) has suspended Ronald Eugene Harrison of Carrollton, Texas, for 90 days and assessed a fine of $5,000 to resolve allegations that Harrison, who was employed by GWN Securities and Fox Financial Management Corporation, violated registration requirements of state law by selling investments that he did not have reasonable basis to believe were suitable for his clients.
One of Harrison’s clients filed a complaint with the TSSB regarding a $400,000 investment sold to him by Harrison in Resale Life Insurance Program, sponsored by a company named Retirement Value, LLC. Retirement Value was placed into receivership in 2010 by the SEC. According to the TSSB Consent Order, Harrison earned a $40,000 commission on the sale.
The client was retired and depended on her retirement income portfolio as a primary source of income. The Resale Life Insurance Program was illiquid with no set payments to the investor, making it entirely inappropriate and unsuitable for her.
According to FINR A records, Harrison is not currently registered with any brokerage firm. He was previously registered as follows:
- 1/2014-9/2014 GWN Securities
- 8/2013-12/2013 High Street Securities
- 4/2012- 8/2013 H.D. Vest Investment Securities
- 11/2007-3/2012 Fox Financial Management
If have losses in an account handled by Harrison, you may be able to recover damages from his former employer. Contact us to discuss your options.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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