Steven Harris of Burr Ridge Illinois a stockbroker formerly registered with Transamerica Financial Advisors Inc. is referenced in a Financial industry Regulatory Authority (FINRA) investigation in which the regulator advised its Department of Enforcement to pursue disciplinary action against Harris for failing to cooperate with FINRA during an inquiry into accusations of his outside business activities. FINRA Investigation No. 20190620924 (Dec. 16, 2019).
According to FINRA Public Disclosure, Harris faces possible enforcement action for giving FINRA fake documentation and information in response to requests that the regulator made in regard to his activities. Harris was purportedly instructed by FINRA to provide recorded testimony in regard to allegations of his undisclosed outside business activities and use of unauthorized communication mediums to conduct securities business. FINRA indicated that it received false information by Harris when the stockbroker provided recorded testimony. In addition, Harris allegedly failed to turn over documentation in response to FINRA’s requests. FINRA indicated that Harris’ activities may have violated FINRA Rules 2010 and 8210.
Also, FINRA stated that Harris possibly engaged in unauthorized outside business activities by neglecting to inform his securities broker dealer employer and procure permission before engaging in outside activities; conduct violative of FINRA Rules 2010 and 3270. Also, FINRA stated that Harris possibly communicated with customers in regard to securities transactions outside the securities broker dealer’s authorized channels; conduct violative of FINRA Rules 2010 and 4511.
This would not be the first time that Harris has been subject of a FINRA disciplinary action for disregarding the regulator’s requests. Specifically, Harris was suspended from associating with any FINRA member in any capacity founded on accusations that he failed to respond to FINRA’s request for information. Case No. 2017053990001 (Oct. 2, 2017). Also, Harris is the subject of a customer initiated investment related complaint where the customer sought compensatory damages supported by allegations that Harris failed to repay the customer’s funds which were provided to him when he was associated with P.J. Robb Variable Corporation.
Harris was discharged by Transamerica Financial Advisors on May 21, 2019 based upon accusations that he was subject of a customer complaint alleging that he took possession of customer funds for purposes of an investment opportunity which Transamerica neither offered nor authorized.
