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Investor Claims that Michael Harris Allegedly Failed to Disclose Advisory Account Fees 

Dec 29, 2021 Investor Disputes

Michael Harris (CRD #: 4583835), a broker and investment advisor registered with Morgan Stanley, is involved in an investor dispute for allegedly failing to properly disclose fees regarding an advisor account, according to his BrokerCheck record, accessed on December 6, 2021.  

What is an Advisor Account? 

An advisor account includes advisory services, including helping investors formulate investment strategies. The fee structure of any advisor account is typically asset-based, with an annual fee paid by the client based on the percent of assets held in the account. 

By allegedly failing to properly disclose the advisor account fees to the investor, Michael Harris violated FINRA Rule 2020, which prohibits brokerage firms and stockbrokers from making material misrepresentations, which can include information about fees.  

Misrepresentations and omissions concerning material facts in investment recommendations deprive investors of the information they need to assess risks associated with a particular investment. This unethical conduct also violates FINRA Rule 2010, which states that brokers must uphold high standards of commercial honor.  

Losses that can be attributed to a stockbroker's material misrepresentations of facts may result in a viable claim for damages.  

Background Information 

Michael Harris has passed the following exams: 

  • Series 66 - Uniform Combined State Law Examination 
  • SIE - Securities Industry Essentials Examination 
  • Series 31 - Futures Managed Funds Examination 
  • Series 7 - General Securities Representative Examination 

Michael Harris is a registered broker in 15 states and is a registered investment advisor in Florida and Texas.  

Besides Morgan Stanley, Michael Harris has also worked with the following firms: 

  • Citigroup Global Markets (CRD#:7059) 
  • Merrill Lynch Pierce Fenner & Smith (CRD#:7691) 

Kurta Law Can Help 

If you worked with Michael Harris and you have concerns about your investments, don't hesitate to contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors 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.