David Jeffrey Morris of Chicago, Illinois, a stockbroker registered with Stifel Nicolaus Co. Inc., has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because Morris failed to respond to FINRA’s request for information. Letter No. 2022076282101 (May 3, 2023).
In January of 2023, FINRA initiated regulatory actions against Morris for not responding to their information requests. After receiving FINRA suspension notices dated January 31 and February 24, 2023, Morris faced an automatic bar, effective from May 3, 2023. His failure to seek suspension termination within the specified three-month window resulted in this automatic bar.
This is not the first time that Morris has been the subject of a regulatory action concerning Morris’ conduct in the securities industry. FINRA Public Disclosure shows that Morris has also been barred from associating with any FINRA member in any capacity because Morris failed to comply with an arbitration award or settlement agreement or otherwise confirm compliance with FINRA. Letter No. 17-00361 (March 21, 2022). This Award was the result of a collection action by his prior employer, UBS Financial, for the failure to repay a promissory note (i.e. the FINRA equivalent of debtors’ prison).
Public Disclosure shows that Morris is referenced in three customer initiated investment related disputes concerning Morris’ conduct while associated with securities broker dealers. A customer filed an investment related complaint involving Morris’ conduct in which the customer requested compensation based upon allegations that Morris made unsuitable recommendations and mismanaged investment accounts when Morris was associated with Morgan Stanley. The securities broker dealer denied this complaint.
On January 8, 2019, another customer filed an investment related complaint involving Morris’ conduct in which the customer requested $1,200,000.00 in damages based upon allegations that Morris made misrepresentations of material fact and made unsuitable recommendations of equities when Morris was associated with UBS Financial Services Inc. This complaint was withdrawn by the customer.
Morris is also referenced in a customer initiated investment related FINRA securities arbitration claim in which the customer requested $480,000.00 in damages based upon allegations that Morris was negligent, breached a contract, breached his fiduciary duties, committed fraud, violated FINRA rules, and violated state securities laws in connection with the sale of stocks during the time that Morris was associated with Stifel Nicolaus Co. Inc. FINRA Arbitration No. 22-02085 (September 13, 2022).
Morris was associated with Stifel Nicolaus Co. Inc. as a stockbroker from August 26, 2016, to May 18, 2022.
