Sonn Law Group is investigating claims regarding Patrick Richard Harrison (CRD #4976695, Fircrest, Washington). Harrison recently submitted an AWC in which he was barred from association with any FINRA member in any capacity. See FINRA Case #2014041898801. Harrison was registered with Cuso Financial Services, LP, in Tacoma, Washington, from August 2013 until his termination in July 2014. The Form U5 filed by CUSO Financial Services to terminate Harrison’s registration states that he was “discharged” because he “participated in unauthorized outside business activity involving investments without notifying firm.” Harrison previously was registered with BancWest Investment Services, Inc., (June 2012-September 2012), Wells Fargo Advisors, LLC, (January 2011-June 2012) and Wells Fargo Investments, LLC, (September 2006-January 2011) in Portland, Oregon.
FINRA found that Harrison participated in a series of private securities transactions by introducing two senior investors to an individual who purported to sell the investors discounted shares in a publically traded regional bank without providing prior notice to his member firm, CUSO Financial Services. FINRA also found that Harrison participated in phone calls involving the investors and the individual, and assisted in the mechanics of having funds transferred or deposited with the individual and/or entities the individual controlled. Harrison received more than $14,000 from the individual, according to FINRA. FINRA further found that the individual ultimately failed to deliver any shares to the investors, who lost over $340,000 as a result. FINRA found that Harrison made material misstatements and omissions concerning the investment to the investors, and failed to adequately respond to red flags that the investment opportunity was disingenuous. In entering into the AWC, Harrison neither admitted nor denied FINRA’s findings.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, CUSO Financial Services, BancWest Investment Services, Wells Fargo Advisors, or Wells Fargo Investments, may be liable for investment or other losses suffered by Harrison’s customers during the time Harrison was registered with the firm.
If you were a client of Harrison, CUSO Financial Services, BancWest Investment Services, Wells Fargo Advisors, or Wells Fargo Investments, and have suffered investment losses or financial irregularities or invested in promissory notes or limited partnership agreements, please contact Sonn Law Group to explore your legal options. Sonn Law Group is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies. To learn more, please call us at 844-689-5754 or complete our “contact form.”