Roger Daniel Follis (CRD #2653439) Was Disciplined by FINRA

Roger Daniel Follis (CRD #2653439) has been the subject of disclosure events reported on Roger Daniel Follis’s FINRA BrokerCheck. According to Roger Daniel Follis’s FINRA BrokerCheck report accessed on January 14, 2026, he has one regulatory disclosure, one customer dispute disclosure, and one employment separation disclosure. If you invested with Roger Daniel Follis and you have concerns about his activity, keep reading.

BrokerCheck link: BrokerCheck

BrokerCheck report: BrokerCheck Report (PDF)

Regulatory action (FINRA)

According to Roger Follis FINRA BrokerCheck, FINRA initiated a regulatory action on December 5, 2025. FINRA’s disclosure states that, without admitting or denying the findings, Roger Follis consented to findings that he caused his firm to maintain incomplete books and records by sending business-related communications to a firm customer using a personal email account that was not disclosed to, or approved by, the firm. The disclosed emails included investment recommendations, information about the customer’s portfolio investments and balances, and customer complaints; because the messages were not provided to the firm, the firm did not capture or preserve them as required.

AWC link: AWC

Roger Follis’s FINRA BrokerCheck report reflects that the matter was resolved through an Acceptance, Waiver & Consent (AWC) and resulted in a $10,000 fine and a 45-day suspension in all capacities, from January 5, 2026 through February 18, 2026.

Rule summary #1: FINRA Rule 4511 (Books and Records – General Requirements)

FINRA Rule 4511 requires member firms to make and preserve books and records as required under FINRA rules, the Securities Exchange Act, and applicable SEC rules.

Rule link: FINRA Rule 4511

Rule summary #2: FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade)

FINRA Rule 2010 requires members, in the conduct of their business, to observe high standards of commercial honor and just and equitable principles of trade.

Rule link: FINRA Rule 2010

Investor disputes / customer complaints

Roger Follis’s FINRA BrokerCheck report reflects 1 customer dispute disclosure. Below is one example:

Example 1 (Settled): Roger Follis’s FINRA BrokerCheck report reflects that a customer dispute was filed on December 4, 2023 with allegations described as a misunderstanding of asset allocation during pandemic volatility (Product Type: Equity Listed (Common & Preferred Stock)). The customer sought $2,600,000 in alleged damages. The matter was settled on April 21, 2025 for $1,750,000 (FINRA docket/case number 23-03203).

Employment separation

Roger Follis’s FINRA BrokerCheck report reflects 1 employment separation disclosure. Below is one example:

Example 1 (Discharged): Roger Follis’s FINRA BrokerCheck report reflects that B. Riley Wealth Management discharged Roger Follis on February 21, 2024. The reported allegations included failure to communicate with clients in a firm-approved manner, failure to maintain books and records for a period of time, failure to timely report a customer complaint, and submitting incorrect information in compliance questionnaires.

Why this matters to investors (Regulation Best Interest)

Regulation Best Interest (Reg BI) is a U.S. securities regulation designed to strengthen the standard of conduct that broker-dealers owe to retail investors when making recommendations about securities transactions or investment strategies. Adopted by the U.S. Securities and Exchange Commission and effective as of June 30, 2020, Reg BI aims to enhance investor protection while preserving investor access to brokerage products and services.

Reg BI requires broker-dealers and financial advisors to act in the best interest of the retail customer at the time a recommendation is made, and not to place their own financial or other interests ahead of the customer’s. This represents a higher standard than the historical “suitability” requirement, which only required that recommendations be suitable, not necessarily optimal or conflict-free.

Reg BI is built around four key obligations:

• Disclosure Obligation – Broker-dealers must disclose material facts about the relationship and recommendations, including fees, scope of services, and conflicts of interest.
• Care Obligation – Recommendations must be made with reasonable diligence, care, and skill, considering costs, risks, and alternatives.
• Conflict of Interest Obligation – Firms must identify, disclose, and mitigate or eliminate conflicts, particularly those that create incentives to favor one product over another.
• Compliance Obligation – Firms must establish policies and procedures designed to ensure compliance with Reg BI as a whole.

Importantly, Reg BI applies at the recommendation level, not as a continuous duty like the fiduciary standard applicable to registered investment advisers. Still, it significantly narrows the gap by emphasizing cost considerations, conflict management, and investor-focused decision-making.

Overall, Regulation Best Interest seeks to promote transparency, improve the quality of investment recommendations, and reinforce trust between retail investors and broker-dealers in the U.S. securities markets.

Background information (from BrokerCheck)

Based on his BrokerCheck Report, Roger Follis reportedly:

• Is currently registered with A.G.P. / Alliance Global Partners and has been registered with the firm since February 23, 2024.
• Is currently inactive or suspended with at least one regulator.
• Has passed the Series 4, Series 24, SIE, Series 7, Series 65, and Series 63 exams.
• Was previously registered with firms that include B. Riley Wealth Advisors, Inc., B. Riley Wealth Management, and Wells Fargo Advisors Financial Network, LLC.

Kurta Law Can Help

If you have worked with Roger Follis and you have concerns about your investments, you may have legal options. A securities attorney can review your situation, evaluate potential claims, and help you pursue financial recovery based on the facts and the investments involved. Contact Kurta Law at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

Helpful resources: Stockbroker Fraud | Securities Attorney

For nearly 20 years, Kurta Law has advocated for investors and helped hold financial professionals accountable when misconduct occurs. If you believe you were harmed by a broker’s recommendations, sales practices, or failure to follow industry rules, you can take steps to investigate what happened and explore recovery options. Don’t let potential securities fraud go unchecked. Start your recovery process today.