Steven Harris of Burr Ridge Illinois a stockbroker formerly registered with Transamerica Financial Advisors Inc. is the subject of a Financial industry Regulatory Authority (FINRA) Complaint alleging that (1) Harris engaged in outside business activities and (2) Harris falsified documents and testimony while he was investigated by FINRA personnel for his outside activities. Department of Enforcement v. Steven Harris Disciplinary Proceeding No. 2019062092401 (Mar. 31, 2020).
According to the Complaint, from December of 2018 to March of 2019, during the time that he was associated with Transamerica, Harris took part in outside business activities involving investment advice and research. He allegedly received compensation for these activities from a customer of Transamerica. FINRA alleged that the stockbroker never informed Transamerica about his outside activities and had not received authorization to engage in them. Department of Enforcement alleges that Harris violated FINRA Rules 2010 and 3270 in this regard.
The Complaint stated that Harris was not forthcoming with FINRA personnel who investigated him regarding his termination from Transamerica Financial Advisors. The securities broker dealer indicated that Harris received customer funds for unapproved investment opportunities. When providing information to FINRA, Harris reportedly tried to conceal two bank accounts that he held. FINRA also contended that from June of 2019 to September of 2019, Harris fabricated and altered documents that he provided in response to the regulator’s requests.
The Complaint also alleges that on November 21, 2019, Harris purportedly provided false testimony about the authenticity of documents. He purportedly claimed that he did not alter any summaries or bank records that he handed over to FINRA in the investigation. Department of Enforcement alleges that Harris violated FINRA Rules 2010 and 8210 in this respect.
This is not the first time that Harris has been the subject of a regulatory action. On October 2, 2017, he was suspended from associating with any FINRA member in any capacity based upon allegations that he failed to respond to the regulator’s request for information.
FINRA Public Disclosure also reveals that a customer filed an investment related complaint involving Harris’s conduct in which the customer requested compensatory damages based upon allegations of Harris’ failure to repay funds provided to him from the customer for investment purposes when the stockbroker had been associated with P.J. Robb Variable Corporation.