Roger Follis Terminated by B. Riley Wealth Management

Roger Follis (CRD #: 2653439), a broker registered with Alliance Global Partners, was terminated by B. Riley Wealth Management. This is according to his BrokerCheck record, accessed on April 11, 2024. Keep reading for more information. 

Employment Separation After Allegations

On February 21, 2024, B. Riley Wealth Management fired Roger Follis following allegations that he failed to communicate with clients in a firm-approved manner, failed to maintain books and records for a period of time, failed to report a customer complaint in a timely manner, and submitted incorrect information in compliance questionnaires. 

Investor Allegations

On December 4, 2024, an investor alleged that Roger Follis took inappropriate risks such as purchasing unsuitable investments, overtrading options, and deviating from the investment plan. The investor is seeking $2.6 million. 

Books and Records

FINRA Rule 4511 requires firms to keep accurate and up-to-date books and records.

What is an Unsuitable Investment?

FINRA Rule 2111 requires brokers to evaluate whether an investment strategy fits their investor’s financial goals. Brokers must examine the investor’s profile, which contains the following investor characteristics:

• Age
• Risk tolerance
• Time horizon (i.e., how long the investor plans to hold the investment)
• Investing experience
• Tax status
• Financial goals

Investors who rely on brokers for recommendations may be able to recover losses from unsuitable investment recommendations by pursuing FINRA arbitration.

High Standards of Commercial Honor 

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade. Failing to report customer complaints violates this rule. 

Background Information 

Roger Follis 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 4 Registered Options Principal Examination  
• Series 24 General Securities Representative Examination 

He is a registered broker in 16 states and D.C. and is a registered investment adviser in Texas. 

During his 28 years of experience, Roger Follis has registered with ten firms. These are the five most recent: 

• Alliance Global Partners (CRD #: 8361) 
• B. Riley Wealth Advisors (CRD #: 115927) 
• B. Riley Wealth Management (CRD #: 2543) 
• Wells Fargo Advisors Financial Network (CRD #: 11025) 
• Raymond James Financial Services Advisors (CRD #: 149018) 

Kurta Law Can Help 

If you have worked with Roger Follis 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.