FINRA Bars PFS Investments Stockbroker For Conversion
Albert Harkless III of Temple Hills Maryland a stockbroker formerly registered with PFS Investments Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he converted a customer’s funds. Letter of Acceptance Waiver and Consent No. 2018060290901 (Apr. 20, 2020).
According to the AWC, a PFS Investments Inc. customer had been solicited by Harkless to purchase 406 shares of Primerica Inc. through an initial public offering. Evidently, AG’s funds were only used to purchase 150 shares – the rest of the funds were converted by Harkless for his own personal use.
Harkless lied to the customer regarding restrictions on the purchases of those shares as well as the availability of those shares. FINRA stated that the customer was also falsely told that shares could not be transferred back to her after purchase because of her not being an employee affiliated with the company.
Harkless’ use of the customer’s funds for his own personal benefit constituted the violation of FINRA Rules 2150(a) and 2010. FINRA also determined that Harkless’ misrepresentations to AG amounted to a violation of FINRA Rules 2010.
On August 7, 2019, Harkless was fined $15,000.00 and barred from being a stockbroker in the State of Maryland based upon allegations of his conversion of customer funds. In the Matter of Albert Harkless III Securities Docket No. 2019-0091 (Aug. 7, 2019).
Harkless was terminated by PFS Investments on October 15, 2018 based upon allegations of him failing to deliver stocks purchased by a customer of the securities broker dealer.