Investors Allege Jim Morrison Sold Unsuitable Private Placement

Jim Morrison (CRD #: 1254375), a broker registered with Kestra Investment Services, is involved in a pending dispute, according to his BrokerCheck record, accessed on January 18, 2023. Investors may have also worked with him through Kestra Advisory Services. Read on if you want to know more about his alleged conduct as a broker.

Investor Dispute

On December 15, 2022, multiple investors alleged Jim Morrison recommended an unsuitable private placement and that Kestra Investment Services failed to conduct adequate due diligence on the product. The clients seek $150,000 in damages in this pending dispute.

FINRA Rule 2111 and Regulation Best Interest

FINRA Rule 2111 requires brokers to tailor their investment recommendations to suit investors’ profiles. These profiles describe investor characteristics, such as their age, tax status, and investment goals.

Regulation Best Interest (Reg-BI) is an SEC regulation that requires brokerage firms to put their clients’ best interests first. For example, firms must conduct reasonable due diligence when researching investments to ensure their recommendations are suitable for the investor.

What are private placements?

Private placements are unregistered offerings only available to select groups, rather than being traded on a public exchange. The disclosure requirements for private placements are different from public offerings, so investors may find it more difficult to judge the degree of risk involved.

Background Information

Jim Morrison has passed the following exams:

• Series 63 – Uniform Securities Agent State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination

Jim Morrison is a registered broker in Oklahoma, South Carolina, Texas, and Wisconsin. He is also a registered investment adviser in Texas.

He has also worked for the following firms:

• NFP Advisor Services (CRD#:42046)
• WS Griffith Securities (CRD#:10410)
• Omega Securities (CRD#:7164)
• Phoenix Equity Planning Corporation (CRD#:3036)
• Farwest Securities (CRD#:22687)
• Integrated Resources Equity Corporation (CRD#:6403)

Kurta Law Can Help

If you worked with Jim Morrison 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.