Norman Harp Involved in 6-Figure Bond Dispute

by Seth Simons | November 30, 2023 6:16 pm


Norman Harp (CRD# 2480563[1]), a broker registered with B.B. Graham & Company, is involved in an investor dispute seeing more than $100,000 in damages, according to FINRA records. MDF Law is investigating the Leawood, Kansas-based financial professional for similar conduct. We urge investors to call us immediately with any concerns. 

To learn more about the allegations against Mr. Harp, read the following post. The information herein is based on a November 14, 2023 review of his Financial Industry Regulatory Authority (FINRA) BrokerCheck profile.

Allegations: Harp Sold Unsuitable Bonds

On July 25, 23, an investor filed a dispute alleging that Mr. Harp acted negligent and sold an unsuitable corporate bond investment. The dispute, which remains pending, seeks $101,000 in damages.

Norman Harp Denies Allegations

A “Broker Comment” appended to the above-described allegations reflects Mr. Harp’s defense against the allegations. “I refute the allegations of the claims,” he asserted.

What Is FINRA’s Suitability Rule?

The allegations against Mr. Harp concern an important investor protection. FINRA Rule 2111 establishes a standard under which brokers must recommend only investments that are suitable for a customer’s background and circumstances. They determine an investment’s suitability by conducting reasonable diligence into the customer’s background, including their financial situation, investment experience and goals, risk tolerance, investment horizon, and liquidity needs. Then, they weigh potential investment recommendations against this profile. Using this process, a broker might determine that an illiquid non-traded private placement, for example, is not a suitable investment for a conservative investor with liquidity needs. A similar standard is the Securities and Exchange Commission’s Regulation Best Interest. Also known as Regulation BI, this standard establishes a requirement by which investment advisers must act in their retail customers’ best interests.

What Is Retirement Resources?

As his BrokerCheck record reflects, Mr. Harp is an investment adviser registered with Retirement Resources. As his biographical statement on that firm’s website[2] reflects, he joined the firm in 2013. “In addition to advising clients, Norm also engages in the sale of health and life insurance,” it notes. The firm’s services[3] include investments, financial planning, and insurance. “Whether it is managing your investments, planning for retirement, or preserving your estate we can help,” its “About Our Firm” page notes. “We have years of experience and knowledge to help you navigate through the complexities of today’s ever changing financial world. Most important though is we care about our people. We know that clients feel secure with a knowledgeable and experienced advisor. People on the other hand feel connected with someone who cares.”

FINRA: Harp Based in Leawood, Kansas,

Norman Harp launched his career as a broker in 2000, according to his BrokerCheck profile. That was the year he joined Cambridge Investment Resources’ office in Fairfield, Iowa. He went on to work at a variety of firms over the subsequent years, including Royal Alliance Associates, ProEquities, and Moloney Securities. He registered with his current broker-dealer firm, B.B. Graham & Company in 2017. He has remained there since, working out of its office in Leawood, Kansas.

Investment Complaints? Call MDF Law

Did you lose money you couldn’t afford to lose on investments recommended by Norman Harp? You may have grounds to lodge an arbitration claim and seek the recovery of lost funds. With millions in recoveries for our clients, MDF Law takes cases on a contingency basis: you only pay a fee if you win your case. Call 800-767-8040 for a free consultation today.

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