Loren Morrison Allegedly Made Unauthorized Trades
Loren Morrison (CRD# 4578161), a broker registered with Stifel Nicolaus & Company, made unauthorized trades, according to recent investor disputes. MDF Law is investigating the Southfield, Michigan financial professional for similar conduct. If you have concerns about investments in your account, we encourage you to contact our attorneys for a free consultation.
To learn more about the allegations against Mr. Morrison, continue reading this post. The information below is sourced from his BrokerCheck profile, a Financial Industry Regulatory Authority (FINRA) record accessed on September 9, 2024.
Pending Disputes Allege 7-Figure Damages
Four parties of investors lodged disputes involving Mr. Morrison in 2024. These claims include allegations that he breached his fiduciary duty, and violated FINRA Rules 211 and 2010. They also include allegations of unauthorized trading, negligence, and fraud. The disputes, which remain pending, seek a total of more than $1.7 million in damages.
Firms Settled Past Disputes for More Than $2 Million
The above-described pending disputes are not the only ones listed in Mr. Morrison’s BrokerCheck record. Between 2010 and 2022, three parties of investors lodged disputes that resolved with settlements. These claims included allegations that he recommended unsuitable investments, breached his fiduciary duty, engaged in excessive trading, and effected unauthorized transactions. His former member firms paid more than $2.3 million to settle the disputes.
What Is FINRA Rule 2111?
FINRA Rule 2111 prohibits brokers like Mr. Morrison from recommending unsuitable investments or strategies. An unsuitable investment or strategy is one that doesn’t conform with an investor’s profile: that is, their age, background, experience, risk tolerance, income, and other factors. The rule requires brokers to perform “reasonable diligence” into an investor’s profile in order to reach a determination about a product’s suitability. For instance, a non-traded real estate investment trust (REIT) may be unsuitable for an investor with a short-term investment horizon and a low risk tolerance.
FINRA: Stifel Nicolaus Broker Based in Southfield, Michigan
Loren Morrison launched his career as a broker in 2002. That was the year he registered with Morgan Stanley, where he remained until 2004. Over the subsequent years he worked with firms including UBS Financial Services and LPL Financial. He registered with his current broker-dealer firm, Stifel Nicolaus & Company, in 2021. As his BrokerCheck record discloses, he is based out of the firm’s office in Southfield, Michigan. With 21 years of experience as a broker, he has completed five industry exams, including the Series 31 and the Series 65.
Loren Morrison Complaints? Speak with an Investment Fraud Attorney Today
Do you have concerns about investments recommended by Loren Morrison? You have rights as an investor, including the right to file a FINRA arbitration claim to pursue damages. Call MDF Law at 800-767-8040 for a free consultation about your circumstances. Our firm accepts a fee of they win, and we provide free consultations nationwide. Your time to lodge a claim may be limited, so don’t delay. Call MDF Law to speak with an attorney today.