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Written by 3:26 pm Blog, Securities Fraud Articles

Patrick Richard Harrison Barred from Securities Industry

According to Financial Planning, the Financial Industry Regulatory Authority barred former CUSO Financial Services broker, Patrick Richard Harrison, for allegedly participating in a private placement transaction that cost two elderly investors more than $340,000.

Harrison allegedly introduced the clients to an individual who purported to sell the investors discounted shares in a publicly-traded regional bank. Furthermore, Harrison allegedly participated in phone conversations with the investors and the securities seller, and assisted with the transfer of funds to the seller.

Unfortunately the investors reportedly never received their shares. Harrison, however, allegedly received more than $14,000 from the seller.

According to BrokerCheck, FINRA’s findings stated that Harrison made material misstatements and omissions concerning the investment to the clients. He also, allegedly failed to respond to red flags that the investment was not genuine.

Financial Planning reports that Harrison participated in the transactions without notifying CUSO Financial Services. The White Law Group is investigating the liability CUSO Financial Services may have for Harrison’s conduct.

Brokerage firms have a legal responsibility to adequately supervise the investment transactions of their registered representatives. When a representative, like Harrison, conducts business outside the scope of the firm, the act can be considered “selling away.” If a broker “sells away,” the brokerage firm may still be liable for negligent supervision and responsible for investment losses.

If you suffered losses investing with Patrick Richard Harrison and would like to speak to a securities attorney to discuss your litigation options, please call the securities attorneys of The White Law Group at (312)238-9650 for a free consultation.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Franklin, Tennessee.

For more information on the firm, visit www.WhiteSecuritiesLaw.com.

Tags: , , , , , , , , Last modified: July 17, 2015