David Morris Indefinitely Suspended by FINRA

David Morris (CRD #: 2522277), a broker registered with Stifel, Nicolaus & Company, has been suspended by FINRA, according to his BrokerCheck record, accessed on May 4, 2022. Read on if you have questions about David Morris’s conduct as a broker.

FINRA Arbitration and Suspension

Starting March 21, 2022, David Morris was indefinitely suspended by FINRA for failure to comply with a settlement agreement. 

On February 10, 2017, UBS Financial Services and UBS Credit Corporation entered into arbitration with David Morris to settle allegations that he breached his contract and committed unjust enrichment. 

More specifically, the firms alleged David Morris breached ten promissory notes by failing to repay their principal balance upon the termination of his employment with these firms.

FINRA Rule 9554

FINRA Rule 9554 defines the consequences for a broker or firm failing to comply with an arbitration award or settlement agreement as being suspension or cancellation of membership. If a broker does not request a hearing or a termination of the suspension within 21 days of the suspension, it becomes permanent.

Sanctions

According to the arbitration agreement, David Morris owes $917,862,39 in compensatory damages, as well as contractual interest, as well as attorneys’ fees. If unpaid within 30 days of the filing, the award amounts would bear an interest rate of 9% per year. 

You can read the full arbitration award here.

Civil Lien

On July 6, 2017, David Morris was penalized with a $138,926.77 civil lien.

Background Information

David Morris 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 3 – National Commodity Futures Examination
• Series 7 – General Securities Representative Examination

David Morris is a registered broker in 11 states and a registered investment adviser in Illinois.

He has also worked for the following firms:

• UBS Financial Services (CRD#:8174)
• J.P.Morgan Securities (CRD#:79)
• Banc of America Investment Services (CRD#:16361)
• Morgan Stanley (CRD#:7556)
• Morgan Stanley DW (CRD#:7556)
• Global Investment Services (CRD#:35752)

Kurta Law Can Help

If you worked with David Morris and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com 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.