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FINRA Suspends James Norris for Allegedly Lending to Clients

Aug 5, 2022 FINRA Suspension

James Norris (CRD #: 1218218), a broker registered with Cambridge Investment Research, has been suspended by FINRA, according to his BrokerCheck record, accessed on July 22, 2022.  Investors may also have worked with James Norris through Cambridge Investment Advisors. Read on if you have questions about his conduct as a broker.

Suspension by FINRA

On June 23, 2022, James Norris consented to the entry of findings that he allegedly made private mortgage loans to clients of his firm, Cambridge Investment Research, without the firm’s approval.

According to a Letter of Acceptance, Waiver & Consent (AWC), James Norris made two private mortgage loans to two of his clients between December 2015 and November 2018 for a total of $174,533.

James Norris allegedly did not notify the firm of these mortgages or receive approval from Cambridge Investment Research, though the AWC notes that they were documented through loan agreements, recorded with the county clerk, and were “commercially reasonable.”

The AWC concludes that these allegations constitute violations of FINRA Rules 3240 and 2010.

FINRA Rules 3240 and 2010

FINRA Rule 3240 defines the circumstances under which brokers can lend money to or borrow money from their clients. Brokers must provide written notification to their firm of any lending agreement they intend to enter with clients and receive approval from their firm.

FINRA Rule 2010 requires brokers to uphold high standards of commercial honor.

Sanctions

James Norris consented to the following sanctions:

  • $2,500 fine
  • One-month suspension 

His suspension began on July 18, 2022, and will end on August 17, 2022.

You can read the full AWC here.

Background Information

James Norris has passed the following exams:

  • Series 63 – Uniform Securities Agent State Law Examination
  • SIE – Securities Industry Essentials Examination
  • Series 7 – General Securities Representative Examination
  • Series 22 – Direct Participation Programs Representative Examination
  • Series 6 – Investment Company Products/Variable Contracts Representative Examination

James Norris is a registered broker in 17 states and a registered investment adviser in New York and Texas.

He has also worked for the following firms:

  • Ensemble Financial Services (CRD#:17443)
  • Rochester Fund Distributors (CRD#:12972)
  • Mutual Funds Associates (CRD#:2856)

Kurta Law Can Help

If you worked with James Norris 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. 

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