Ronald E. Harrison, of Palm Beach Gardens, Florida, a stockbroker formerly registered with GWN Securities Inc., had his securities registration in The State of Texas suspended for ninety days based upon allegations that Harrison made an unsuitable investment recommendation to a customer, and effected transactions without having been properly registered with the Texas Securities Commissioner. IC-16-SUS-01 (Feb. 16, 2016).
Per the Order, Harrison effected a transaction in a resale life insurance policy program through Retirement Value LLC. Apparently, a $400,000.00 investment in the program was made by a customer, resulting in Harrison obtaining a $40,000.00 commission.
Subsequently, the investor complained with Texas State Securities Board concerning the program. The Texas Securities Commissioner found that Harrison’s recommendation to the customer was not suitable given the age of the investor, and the uncertainty regarding the investment’s maturity.
FINRA Public Disclosure reveals that on January 20, 2016, a customer initiated investment related arbitration claim involving Harrison’s conduct was settled for $5,000.00 based upon allegations that Harrison made unsuitable recommendations and effected unregistered securities sales.
Guiliano Law Group
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