According to publicly available documents, Steven Harris, a former financial adviser to Transamerica Financial Advisors, Inc., disclosed two regulatory events: termination and expulsion from the securities industry. The Financial Industry Regulatory Authority (FINRA) is the authority that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints, disputes, and regulatory sanctions. In addition, brokers are required to disclose certain financial matters such as personal bankruptcy judgments and liens.
In March 2020, the FINRA case alleged that Harris had fabricated or forged documents that he provided to FINRA in response to its request for an investigation into his previously undisclosed business activities. The complaint alleges that FINRA asked Harris to provide certain financial information and bank statements, and Harris provided false and incomplete information to the agency. Harris allegedly created fake bank statements and other accounts and provided the fake documents to FinRA. In addition, Harris is accused in the complaint of lying about his actions and claiming that he did not alter any of the records he produced for FINRA.
The sanction was a 30-day suspension. Harris was also expelled from FINRA in another capacity. In September 2017, the FINRA case alleged that Harris did not respond to a request for information from FINRA.
Harris was employed by Transamerica Financial Advisors, Inc. from August 2018 to 2019 when he was fired after a complaint was filed with the company alleging that he received funds from a client in connection with an investment opportunity that the company did not approve. Harris was with Transamer America Financial Advisers from March 2018 to May 2019. He was fired in August 2018.
If you have had a loss in an account managed by Harris, please call at 1 888-628-5590 to see if you may be able to claim damages through FINRA arbitration.