Publicly available records published by the Financial Industry Regulatory Authority (FINRA) on September 14, 2016 indicate that California-based Cambridge Investment Research broker/adviser Raymond Harrison has been the subject of customer complaints. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Harrison (CRD# 2287436).
Raymond Harrison has spent 23 years in the securities industry and has been registered with Cambridge Investment Research in Roseville, California since 2013. Previous registrations include ProEquities in Roseville, California; AUL Equity Sales in Indianapolis, Indiana; American United Life Insurance Company in Indianapolis, Indiana; London Pacific Securities in Sacramento, California; Main Street Management Company in Boston, Massachusetts; and Capital Analysts in Cincinnati, Ohio. He is a registered broker and investment adviser with nine US states and territories: Alaska, Arizona, California, Florida, Georgia, Idaho, Minnesota, Virginia, and Washington.
According to his BrokerCheck report, Raymond Harrison has received four customer complaints.
In September 2015 a customer alleged Raymond Harrison, while employed at ProEquities, recommended an unsuitable and over-concentrated investment plan, failed to conduct adequate due diligence, and failed to disclose material facts. The complaint settled in January 2016 for $9,500.
In January 2015 a customer alleged Raymond Harrison, while employed at ProEquities, failed to conduct reasonable due diligence, made unsuitable recommendations, and misrepresented material facts. The complaint, in which Mr. Harrison was not a named party, settled in January 2016 for $325,000.
In 2013 a customer alleged Raymond Harrison, while employed at ProEquities, misrepresented and omitted material facts, breached his fiduciary duty, acted negligently, breached contract, failed to supervise, and recommended an unsuitable real estate investment trust. The complaint settled in 2014 for $17,500.
In 2012 a customer alleged Raymond Harrison, while employed at ProEquities, “all but promised a rate of return” on an investment that did not perform accordingly. The complaint settled in 2013 for $35,000.
A real estate investment trust, or REIT, is an entity that owns assorted forms of real estate, or interests in real estate. As an investment product, REITs use the combined funds from a pool of investors to purchase real estate property; they can be publicly traded or privately held, traded on the stock market or not traded at all. As such, they are highly illiquid investments. While they have the benefit of extending new opportunities to investors who otherwise could not access certain real estate investments, non-traded REITs may be particularly risky for short-term investors and even long-term investors. They are additionally taxed on an individual level and can lead to property taxes as high as 25% of the sum operating expenses. Investment professionals who recommend unsuitable REITs may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
If you or someone you know has lost money investing with Raymond Harrison, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup your losses. Fitapelli Kurta accepts all cases on a contingency basis: we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.