James Benjamin Farris of San Francisco California a stockbroker formerly employed by Merrill Lynch Pierce Fenner Smith Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in all capacities supported by accusations that he neglected to respond to FINRA’s request for his information. Case No. 2017053325801 (May 7, 2018).
FINRA Public Disclosure confirms that Farris was initially suspended between February 26, 2018 and May 6, 2018. Farris was provided until May 6, 2018 to provide FINRA with the requested information and seek the termination of his suspension; however, Farris failed to cooperate, resulting in FINRA imposing an automatic bar.
FINRA Public Disclosure reveals that Farris has been identified in three customer initiated investment related disputes containing allegations of Farris’ misconduct while employed with UBS Financial Services Inc., Morgan Stanley & Co. Incorporated and Merrill Lynch. Particularly, on June 11, 2008, a customer initiated investment related complaint involving Farris’ activities was settled to resolve accusations that the customer’s instructions were not followed concerning the liquidation of two unit investment trusts from the customer’s investment portfolio.
Thereafter, Farris was subject of a customer initiated investment related civil action where the customer obtained a judgment of $7,595.00 based upon findings that the customer sustained undue losses from an untimely mutual fund transfer. Civil Action No. 09CESC02479 (Feb. 3, 2010). Then, on March 8, 2015, a customer filed an investment related complaint regarding Farris’ activities in which the customer requested unspecified damages based upon alleging omissions of fact and misrepresentation relating to the fees charged to the customer for investing in municipal debt products.
Farris’ registration with Merrill Lynch has been terminated as of January 23, 2017.
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