Edward Walter Morrissey (CRD #1873249) Has 2 Customer Dispute Disclosures on FINRA BrokerCheck

Edward Walter Morrissey (CRD #1873249) is a broker with two customer dispute disclosures on FINRA BrokerCheck. We reviewed his BrokerCheck report on March 25, 2026. It reflects two customer disputes. If you invested with Edward Walter Morrissey and have concerns, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Investor Disputes / Customer Complaints

Edward Morrissey’s FINRA BrokerCheck Report reflects two customer dispute disclosures. Summaries of the disputes are below:

On December 30, 2025, customers alleged Edward Morrissey made misrepresentations and failed to exercise reasonable care in connection with an indexed universal life insurance policy. The reported conduct period is late 2020 through early 2021. FINRA BrokerCheck lists the product as insurance. The matter is pending in the Court of Common Pleas of Allegheny County, Pennsylvania, under case number GD-25-010669. BrokerCheck states damages exceed $5,000, but the amount is not yet determined.

Edward Morrissey’s FINRA BrokerCheck report also shows a customer complaint that was received on August 27, 2009 and denied on September 16, 2009. The complaint involved a 401(k) rollover to an IRA in 2007 and a 2008 reallocation into a variable annuity with Principal Annuity Services. The customer alleged misrepresentation and requested $6,766.93 in damages. BrokerCheck states the complaint was denied, with no settlement and no individual contribution.

Rule Summary #1: FINRA Rule 2210 (Communications with the Public)

FINRA Rule 2210 requires communications with investors to be fair and balanced. It also addresses misleading statements and the need to explain material risks and product features clearly.

Rule Summary #2: FINRA Rule 2111 (Suitability)

FINRA Rule 2111 requires a broker to have a reasonable basis for a recommendation. The rule focuses on the customer’s profile, the product’s risks, and whether the recommendation fits the investor.

Why This Matters to Investors (Regulation Best Interest)

Regulation Best Interest (Reg BI) is a U.S. securities regulation. It strengthens the standard of conduct that broker-dealers owe to retail investors. It applies when they recommend securities transactions or investment strategies. The U.S. Securities and Exchange Commission adopted Reg BI. It became effective on June 30, 2020. Reg BI aims to protect investors while preserving access to brokerage products and services.

Reg BI requires broker-dealers and financial advisors to act in a retail customer’s best interest at the time of a recommendation. They must not place their own financial or other interests ahead of the customer’s. This standard is higher than the older “suitability” rule. Suitability meant a recommendation only had to be appropriate. It did not have to be the best option or free of conflicts.

Reg BI has four key obligations:

1. Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and the recommendation. This includes fees, the scope of services, and conflicts of interest.

2. Care Obligation – Broker-dealers must use reasonable diligence, care, and skill. They must consider costs, risks, and alternatives when making a recommendation.

3. Conflict of Interest Obligation – Firms must identify conflicts of interest. They must disclose them and mitigate or eliminate them. This includes conflicts that create incentives to favor one product over another.

4. Compliance Obligation – Firms must maintain policies and procedures. Those policies should be designed to ensure compliance with Reg BI as a whole.

Reg BI applies to each recommendation. It is not a continuous duty like the fiduciary standard for registered investment advisers. Even so, it narrows the gap. It puts more focus on costs, conflicts, and investor-focused decision-making.

Overall, Regulation Best Interest promotes transparency. It also aims to improve the quality of investment recommendations. It is designed to reinforce trust between retail investors and broker-dealers in the U.S. securities markets.

Background Information (from BrokerCheck)

Based on his FINRA BrokerCheck report, Edward Morrissey:

Is currently registered with Hornor, Townsend & Kent, LLC.

Has passed the Securities Industry Essentials (SIE) exam. Edward Morrissey has also passed Series 7, Series 6, Series 24, and Series 63.

Was previously registered with firms that include LPL Financial LLC, Waddell & Reed, and Princor Financial Services Corporation.

Kurta Law Can Help

If you have worked with Edward Morrissey and you have concerns about his activity, Kurta Law may be able to help you evaluate your legal options. To speak with Kurta Law, call 877-600-0098 or email info@kurtalawfirm.com.

Helpful resources: Securities Attorney | What Is Securities Fraud?

For nearly 20 years, Kurta Law has advocated for investors and helped hold financial professionals accountable. Our firm represents clients nationwide in securities arbitration and related disputes. If you believe a broker or firm mishandled your account, an attorney can review the facts and explain possible next steps.