Raymond Willis Harrison, a stockbroker formerly associated with ProEquities, Inc. has been named in a customer initiated investment related arbitration claim on October 12, 2016, in which the customer has requested $603,000.00 in damages based upon allegations that Harrison made omissions to the customer concerning investments, did not conduct a reasonable level of due diligence regarding investments, and effected investment transactions in the customer’s account which were unsuitable based upon the customer’s risk tolerance and experience. The customer additionally alleged that ProEquities failed to supervise Harrison’s activities in his regard.
FINRA Public Disclosure reveals that Harrison has been named in five additional customer arbitrations concerning allegations of his misconduct. Specifically, on July 23, 2012, a customer initiated investment related arbitration claim involving Harrison’s conduct was settled for $35,000.00 in damages based upon allegations that Harrison was responsible for the customer’s poor investment performance.
On November 11, 2013, another customer initiated investment related arbitration claim concerning Harrison’s activities was resolved for $17,500.00 in damages based upon allegations that Harrison breached his fiduciary and contractual duties to the customer, made misrepresentations to the customer concerning investments, and effected an unsuitable investment transaction in the Behringer Harvard REIT 1. The customer additionally alleged that ProEquities failed to supervise Harrison’s conduct.
Further, on February 12, 2015, a customer initiated investment related arbitration action involving Harrison’s conduct was settled for $325,000.00 in damages based upon allegations that Harrison effected unsuitable investments in the customer’s account, failed to perform due diligence on the investments, and made misrepresentations and omissions concerning risk factors.
Additionally, on October 30, 2015, a customer initiated investment related arbitration claim concerning Harrison’s conduct was settled for $9,500.00 in damages based upon allegations that Harrison made recommendations to customers which were not suitable regarding Equipment Leasing Funds and Real Estate Investment Trusts. The customers claimed that Harrison overconcentrated their assets in illiquid investments, failed to properly conduct due diligence concerning the securities, and made omissions to the customers concerning investment based information.
Since August 18, 2014, Harrison has been registered with Cambridge Investment Research, Inc.
Guiliano Law Group
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