The Financial Industry Regulatory Authority (FINRA) is the largest independent regulator for all securities firms doing business in the United States. FINRA’s chief role is to protect investors by maintaining the fairness of the U.S. capital markets.
All stockbrokers and broker dealers (brokerage firms) are required to be licensed by and subject to the rules and regulations of FINRA. Each month FINRA publishes disciplinary actions against brokers and broker dealers. Discipline can range from monetary fines and suspensions, or in extreme cases, revocation of licensing and a bar from the securities industry.
See the FINRA website for current and historical disciplinary actions.
Brion Patrick Harris (CRD #3199095, Registered Representative, Annapolis, Maryland) submitted a Letter of Acceptance, Waiver and Consent in which he was fined $5,000 and suspended from association with any FINRA member in any capacity for one month. Without admitting or denying the findings, Harris consented to the described sanctions and to the entry of findings that he submitted customer subscription documents to his member firm that contained backdated signatures. The findings stated that the subscription documents were submitted on behalf of Harris’ customers and were for investments totaling $328,000 in the common stock of a real estate investment trust (REIT). Harris’ understanding was that the REIT would accept new investors until a certain date so long as the subscription agreement was dated no later than an earlier date. Harris informed the prospective investors that their subscription documents needed to be dated on or before the earlier date if they wanted to invest in the REIT. Consequently, the customers and Harris backdated their respective signatures on several subscription documents. Harris did not inform his firm that the subscription documents contained backdated signatures. The firm, however, noted certain dating anomalies in the subscription packages and rejected each of the transactions.
The suspension is in effect from September 16, 2013, through October 15, 2013. ( FINRACase #2012033574501)
According to FINRA records Harris is currently registered with Summit Brokerage Services. He was registered with Cambridge Investment Research, Inc 10/2012-09/2013. Prior to that he was registered with Lincoln Financial Securities Corporation.
If you have questions about investment losses or the way your brokerage account has been handled, please contact us to discuss your legal rights.
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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