Scott Harris Allegedly Made Unsuitable Investment Recommendation

Scott Harris (CRD #: 4400643), a broker registered with Merrill Lynch, Pierce, Fenner & Smith, allegedly gave an unsuitable investment recommendation, according to his BrokerCheck record, accessed on February 22, 2023. Read on to learn more about his alleged conduct as a broker.

Investor Dispute

On January 3, 2023, an investor alleged that Scott Harris recommended an unsuitable investment and failed to act in his best interest from 2020-2021. This dispute is currently pending.

FINRA Rule 2111 and Regulation Best Interest

FINRA Rule 2111 requires that brokers tailor their investment recommendations to an investor’s profile, which contains information about an investor’s tax status, risk tolerance, 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.

Background Information

Scott Harris 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

Scott Harris is a registered broker in seven states and a registered investment adviser in Pennsylvania.

He has also worked for the following firms:

• Wells Fargo Clearing Services (CRD#:19616)
• PNC Investments (CRD#:129052)
• Wachovia Securities (CRD#:19616)
• USAllianz Securities (CRD#:40875)

Kurta Law Can Help

If you worked with Scott Harris 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.