Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on May 10, 2016 indicate that Massachusetts-based Commonwealth Financial Network broker Robert Harris has received a pending customer complaint. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Harris (CRD# 500164).
Robert Harris has spent 39 years in the securities industry and has been registered with Commonwealth Financial Network in Worcester and Chatham, Massachusetts since 1994. Previous registrations include AF Best Securities in Coral Springs, Florida (1990-1994); Dougherty, Dawkins, Strand & Yost in Minneapolis, Minnesota (1982-1990); Croake Roberts; and Channer Newman Securities Company. He is a registered broker with 19 US states: California, Colorado, Florida, Georgia, Illinois, Indiana, Kentucky, Louisiana, Maine, Massachusetts, Michigan, New Hampshire, New York, North Carolina, Pennsylvania, South Carolina, Vermont, Washington, and Wisconsin.
According to his BrokerCheck report, Robert Harris has received one pending customer complaint and one denied customer complaint.
In 2014, a customer alleged that Robert Harris, while employed at Commonwealth Financial Network, over-concentrated the portfolio in Puerto Rico bonds and made a trade error. The customer is seeking $300,000 in damages in the pending complaint.
In 2010, a customer alleged that Robert Harris, while employed at Commonwealth Financial Network, misled him into purchasing a bond. The customer sought $16,000 in damages in the complaint, which was denied.
Concentration, or “over-concentration,” refers to a broker’s failure to diversify a customer’s portfolio among a variety of assets. Sometimes a broker believes one asset will outperform others, and focuses the investment in that asset or class. In other cases, a broker might invest primarily in a series of related investments; for instance, municipal bonds in the same region. Since similar classes often perform similarly, if one performs poorly, the others might as well. Brokers who fail to diversify their customers’ investments may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
If you or someone you know has a complaint regarding Robert Harris, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup losses. Fitapelli Kurta accepts every case on contingency: we only get paid if and when you collect money. Time to file your claim may be limited, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.