Ladenburg Thalman Stockbroker Barred
Elliot Harris, of Boca Raton, Florida, a stockbroker formerly registered with Ladenburg Thalmann & Co. Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he obstructed a FINRA investigation into allegations of his unauthorized and unsuitable trading in customer accounts. Letter of Acceptance, Waiver and Consent, No. 2015048233601 (June 14, 2016).
According to the AWC, on February 26, 2016, FINRA reached out to Harris for information and documentation in reference to FINRA’s allegations of his wrongdoing. FINRA’s staff were then contacted by Harris’ counsel in March of 2016 to indicate that the information would not be produced by Harris at any time. Consequently, FINRA found Harris’ failure to cooperate to be violative of FINRA Rules 2010 and 8210.
FINRA Public Disclosure reveals that Harris has been identified in six customer initiated investment related disputes pertaining to allegations of his wrongdoing. Particularly, on March 23, 1998, a customer initiated investment related written complaint involving Harris’ conduct was settled for $8,000.00 in damages supported by allegations that Harris charged the customer with excessive commissions.
Subsequently, on May 31, 2016, a customer filed an investment related arbitration claim regarding Harris’ activities, where the customer sought $1,500,000.00 in damages based upon allegations including violation of the Texas Securities Act and Deceptive Trade Practices Act, breach of fiduciary duty, churning, unauthorized transactions, negligence, and supervisory failures in reference to stock transactions effected in the customer’s account.
Further, on June 3, 2016, customers filed an investment related arbitration claim involving Harris’ conduct, wherein customers requested $1,900,000.00 in damages based upon allegations that Harris breached his contractual duties, negligently managed the customer’s investments, effected unauthorized transactions in the customer’s account, and breached his fiduciary obligation.
Then, on December 28, 2016, a customer filed an investment related written complaint involving Harris’ conduct, where the customer requested $1,150,000.00 in damages based upon allegations that Harris made misrepresentations to the customer, breached his fiduciary and contractual duties, churned the customer’s account, effected unauthorized transactions, and committed fraud.
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