Former CFS Rep Patrick Richard Harrison Allegedly Participated in Private Securities Transactions Without Prior Notice to CFS, Making Material Misstatements and Omissions to Investors
Patrick Richard Harrison was barred by FINRA for allegedly engaging in private securities transactions and making misrepresentations to customers regarding said transactions, resulting in a $300k loss for the customers, according to a FINRA Letter of Acceptance, Waiver and Consent (AWC).
As a result of the aforementioned alleged material misstatements and omissions to investors, Harrison, who first entered the securities industry in October 2005 and first registered with FINRA as an investment company products/variable contracts representative (Series 6) in November 2005, allegedly violated FINRA and NASD Rules, the AWC reports.
Two of Harrison’s Elderly Investors Allegedly Lost over $340,000
In April 2014, whilst associated with CFS and without notice to CFS, Harrison allegedly participated in a series of private securities transactions when he introduced two senior investors, known only as R.M. and M.S., to B.W., who purported to sell the investors discounted shares in a publically-traded regional bank, the AWC further alleges.
On top of making the introductions, Harrison participated in phone calls involving the investors and B.W., and assisted in the process of having funds transferred or deposited with B.W. and/or entities he controlled, the AWC notes.
During the same period, Harrison received over $14,000 from B.W. who allegedly never delivered any shares to the investors, who lost over $340,000 as a result, the AWC reports. By virtue of his alleged misconduct, Harrison violated FINRA and NASD Rules, and has consented to a bar in all capacities from associating with any FINRA member, the AWC alleges.
Investment Rights Lawyers Investigating
The Peiffer Wolf Carr & Kane investment rights lawyers often represent investors who lose money as a result of investment misconduct. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of investment misconduct may contact the investment rights lawyers at Peiffer Wolf Carr & Kane, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at (585) 310-5140.
Broker: Patrick Richard Harrison
Status: INVESTIGATED by Peiffer Rosca.
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