Harris Adams Allegedly Misrepresented an Unsuitable Variable Annuity

Harris Adams (CRD #: 2872752), a broker registered with Royal Alliance Associates, allegedly misrepresented an investment product, according to his BrokerCheck record, accessed on October 1, 2022. Keep reading to learn more about his conduct as a broker.

Investor Dispute

On July 28, 2022, an investor alleged that Harris Adams misrepresented an unsuitable variable annuity purchased in 2022. This dispute was denied by the firm. Variable annuities can be too complex to serve their investor’s best interests. 

Investors should be aware, however, that firms can deny disputes without an external review. Investors may be able to recover their losses by seeking out FINRA arbitration after a denial.

FINRA Rule 2020

FINRA Rule 2020 prohibits the use of deception, manipulation, and other fraudulent methods to influence investors’ decisions. This includes the misrepresentation of an investment’s potential returns, risks, and other relevant information.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to evaluate whether an investment fits their investor’s financial goals. Brokers must take into account their client’s tax status, age, and other information described in the investor’s profile.

Investors who rely on their broker for recommendations may be able to recoup their losses through FINRA arbitration.

Background Information

Harris Adams 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

Harris Adams is a registered broker in 21 states and the District of Columbia. He is also a registered investment adviser in Maryland, New Jersey, Virginia, and the District of Columbia.

He has also worked for Signator Investors (CRD#:468) and MML Investors Services (CRD#:10409).

Kurta Law Can Help

If you worked with Harris Adams 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.