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David Harrison Allegedly Gave Poor Advice Regarding 1035 Exchange

Feb 3, 2023 Variable Annuities

David Harrison (CRD #: 5906703), a broker registered with Key Investment Services, is the subject of a pending dispute, according to his BrokerCheck record, accessed on January 25, 2023. If you want to know more about his alleged conduct as a broker, read on.

Investor Disputes

On November 18, 2022, the administrator of a client’s estate alleged that David Harrison made a poor recommendation in September 2022 to execute a 1035 exchange of a Pacific Life variable annuity for an Integrity Life single premium immediate annuity in the amount of $101,473.96. This dispute is currently pending.

A dispute filed on October 5, 2017, alleged that David Harrison engaged in misrepresentation. This dispute was denied by the firm.

However, investors should know that firms don’t need to permit an outside review before denying a dispute. Investors may be able to recover their funds by seeking out FINRA arbitration following a denial.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to recommend securities that adequately fit an investor’s financial goals. Brokers must take into account an investor’s age, risk tolerance, and other information contained in their profile.

Investors who rely on brokers for recommendations may be able to recoup their losses by pursuing FINRA arbitration.

FINRA Rule 2020

FINRA Rule 2020 bans the use of manipulative, deceptive, and otherwise fraudulent means of influencing the purchase or sale of securities. This includes the misrepresentation or omission of information related to investments.

Background Information

David Harrison has passed the following exams:

  • Series 66 – Uniform Combined State 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

David Harrison is a registered broker in 18 states and a registered investment adviser in Pennsylvania.

He previously worked for LPL Financial (CRD#:6413).

Kurta Law Can Help

If you worked with David Harrison 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.