Patrick Morris is Facing an Investor Dispute

Patrick Morris (CRD #: 1025904), a broker registered with Equitable Advisors, is the subject of an investor dispute. This disclosure appears on his BrokerCheck record, accessed on February 28, 2024. Keep reading if you have questions. 

Investor Dispute

On November 21, 2023, an investor alleged that Patrick Morris recommended an unsuitable REIT. 

What Are REITs?

Real estate investment trusts (REITs) allow investors to generate returns from a portfolio of real estate without being directly involved in property management. However, REITs tend to be illiquid, which makes them unsuitable for many investors. Non-traded REITs are especially risky because they are not traded on the public exchange, making them difficult or impossible to sell.

FINRA Rule 2111 – Unsuitable Investments 

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. Investor profiles have information on the investor’s age, risk tolerance, tax status, investing experience, and financial goals. Investments that do not take these factors into account may be unsuitable. 

Previous Investor Disputes 

There are four previous investor disputes on his record. 

On March 15, 2016, a Power of Attorney alleged that due to her husband’s medical condition, he did not understand the variable annuity he purchased. The dispute was denied, but investors should know that firms can deny disputes without an external review. Investors may be able to recover their losses after a denial by pursuing FINRA arbitration. 

What is a Variable Annuity? 

Variable annuities are complex investments. They are insurance products that come with an investment component. The associated fees, surrender charges, and potential tax liability can negate any supposed benefits they offer. Furthermore, the risk associated with this type of illiquid investment makes it unsuitable for many investors. 

Background Information 

Patrick Morris 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 
• Series 26 Investment Company Products / Variable Contracts Principal Examination 

He is a registered broker in 14 states. 

During his 42 years of experience, Patrick Morris has registered with three firms: 

• Equitable Advisors (CRD #: 6627) 
• The Equitable Life Assurance Society of the United States (CRD #: 4039) 
• H.C. Copeland and Associates Equities (CRD #: 7447) 

Kurta Law Can Help 

If you have worked with Patrick Morris and have concerns about your investments, do not hesitate to contact us 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 that 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. Do not let securities fraud go unchecked. Start your recovery process today.