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Brion Harris Allegedly Recommended Unsuitable Investments

Aug 5, 2022 Unsuitable Investments

Brion Harris (CRD #: 3199095), a broker registered with Cetera Advisor Networks, allegedly gave unsuitable investment recommendations, according to his BrokerCheck record, accessed on April 7, 2023. Read on if you have questions about Brion Harris’s conduct as a broker.

Investor Disputes

Two pending disputes, filed on January 30, 2023, and December 22, 2022, allege that Brion Harris recommended unsuitable investments. One of these disputes further alleges that he overconcentrated the clients in these investments. Together, these disputes seek $665,000 in damages.

On April 22, 2022, an investor alleged that Brion Harris made recommendations of unsuitable and high-risk alternative investments. This dispute remains pending.

FINRA Rule 2111

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. Brokers must take into account their client’s age, risk tolerance, financial goals, and other information described in their profile.

Investors who rely on brokers for investment recommendations can pursue FINRA arbitration and potentially recover their losses.

Regulatory Action by State of California

On May 2, 2017, the State of California Department of Insurance revoked Brion Harris’ insurance license, citing his FINRA suspension in 2013.

FINRA Suspension

On August 22, 2013, Brion Harris consented to the entry of findings that he allegedly submitted customer subscription documents with backdated signatures while employed by Lincoln Financial Securities.

According to an agreement of Acceptance, Waiver & Consent (AWC), Brion Harris allegedly submitted Subscription Agreements, Alternative Investment Worksheets, prospectus delivery receipts, and other subscription documents with backdated signatures between March and April 2012.

He allegedly submitted these documents on behalf of 11 customers, including five married couples. These documents allegedly concerned six investments totaling $328,000 in the common stock of a real estate investment trust (REIT).

Brion Harris allegedly backdated these documents so that the investors would be accepted for the REIT. Because the cut-off date for new investors for the REIT was February 29, 2012, the AWC alleges Brion Harris dated signatures from March and April as February 22, 27, or 29.

The AWC further alleges that Brion Harris did not inform his firm of these actions. Lincoln Financial Securities allegedly detected “certain dating anomalies in the subscription packages” and rejected all of these attempted transactions.

The AWC concludes that Brion Harris’ alleged backdating violated FINRA Rule 2010.


Brion Harris consented to the following sanctions:

  • $5,000 fine
  • One-month suspension 

His suspension began on September 16, 2013, and ended on October 15, 2013.

You can read a copy of the AWC here.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

What is a real estate investment trust?

A real estate investment trust (REIT) is a company that owns and maintains real estate properties. Similar to a mutual fund, a REIT allows investors to purchase shares in the trust and earn dividends from the properties without taking on responsibility for the real estate.

However, the lack of liquidity associated with REITs makes them unsuitable for many investors.

Background Information

Brion Harris has passed the following exams:

  • Series 65 – Uniform Investment Adviser Law Examination
  • Series 63 – Uniform Securities Agent State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 7 – General Securities Representative Examination
  • Series 6 – Investment Company Products/Variable Contracts Representative Examination

Brion Harris is a registered broker in 23 states and the District of Columbia. He is also a registered investment adviser in Maryland and Texas.

He has also worked for the following firms:

  • Summit Financial Group (CRD#:109485)
  • Summit Brokerage Services (CRD#:34643)
  • Cambridge Investment Research Advisors (CRD#:134139)
  • Cambridge Investment Research (CRD#:39543)
  • Lincoln Financial Securities (CRD#:3870)
  • Independent Advisers Group (CRD#:106684)
  • AXA Advisors (CRD#:6627)
  • The Equitable Life Assurance Society of the United States (CRD#:4039)

Kurta Law Can Help

If you worked with Brion Harris and you have concerns about your investments, please contact us today at 877-600-0098 or for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf. 

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