Wesley Arbon Harbison Audit (2023) – A Scam or Legit Broker?

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Wesley Arbon Harbison  – and the firm that employs him or her – is regulated by the Financial Industry Regulatory Authority (FINRA).

If you are like most people, before you go out to dinner at a new restaurant, you probably take a quick look at the reviews. This makes sense; you are going to pay for an expensive dinner, and you need to be sure that you are getting a good value.

Yet, when choosing a financial advisor, many people fail to conduct this same level of due diligence. Before turning over access to your money, you need to be sure that you have found a financial advisor that you can trust. Here, our audit report, including details of allegations, complaints, and sanctions will help you decide whether or not to invest with Wesley Arbon Harbison.

The stock market is a device for transferring money from the impatient to the patient… Warren Buffet

BrokerComplaints.com is currently investigating allegations related to Wesley Arbon Harbison. We provide a free platform for investors to help them in their claims against negligent brokers and brokerage firms.

 

About Wesley Harbison

Wesley Arbon Harbison is an Investment Adviser. Wesley Arbon Harbison’s Central Registration Depository (CRD) number is 4007093 and the FINRA Profile can be found at – https://brokercheck.finra.org/individual/summary/4007093.

Click here to download a Detailed Audit Report for Wesley Arbon Harbison.

Wesley Arbon Harbison has previously been reprimanded and has disclosures and/or client dispute(s) listed at FINRA BrokerCheck.

 

Accusations and Disclosures

You can find below, a quick snapshot of Wesley Arbon Harbison’s regulatory actions, arbitrations, and complaints.

 

DISCLOSURE 1 – 

 

  • Event Date: 9/5/2006
  • Disclosure Type: Civil
  • Disclosure Resolution: Final
  • Disclosure Detail :: Initiated By: UNITED STATES SECURITIES AND EXCHANGE COMMISSION
  • Allegations: SEC LITIGATION RELEASE 19820, SEPTEMBER 5, 2006: SECTIONS 15(A) AND 17(A) OF THE SECURITIES ACT OF 1933 AND SECTION 10(B) OF THE SECURITIES EXCHANGE ACT OF 1934 (\EXCHANGE ACT\) AND RULE 10B-5 THEREUNDER – THE COMMISSION ALLEGES, FIRST, THAT A CALIFORNIA-BASED OIL AND GAS COMPANY, BETWEEN AUGUST 2002 AND JULY 2005, THROUGH ITS OWNER AND SALESPERSON, WESLEY HARBISON, JR., FRAUDULENTLY RAISED $2.2 MILLION FROM AT LEAST 70 INVESTORS NATIONWIDE, AND, SECOND, THAT BETWEEN JUNE AND DECEMBER 2005, HARBISON RAISED $250,000 THROUGH SALES OF PREFERRED STOCK ISSUED BY AN INACTIVE JEWELRY BUSINESS. ACCORDING TO THE COMPLAINT, HARBISON RAISED THE MONEY FOR THE OIL AND GAS COMPANY BY OFFERING \PARTICIPATION INTERESTS\ IN THE FUTURE PRODUCTION REVENUE OF CERTAIN OIL AND GAS WELLS. THE COMMISSION ALLEGES THAT THE OWNER DEFRAUDED INVESTORS ON THE \FRONT END\ BY MISAPPROPRIATING A SUBSTANTIAL PORTION OF THEIR FUNDS, INSTEAD OF INVESTING THE MONEY, AS PROMISED, IN THE WELLS; THE COMMISSION FURTHER ALLEGES THAT HE DEFRAUDED THE INVESTORS ON THE \BACK END\ BY DIVERTING FOR HIS OWN BENEFIT MUCH OF THE REVENUE GENERATED BY THE WELLS. HARBISON, ACCORDING TO THE COMPLAINT, WAS PAID A COMMISSION ON HIS SALES OF THE PARTICIPATION INTERESTS, AND PARTICIPATED KNOWINGLY IN THE MISREPRESENTATION OF THOSE INTERESTS. THE COMMISSION ALLEGES THAT HARBISON DEFRAUDED THE JEWELRY COMPANY INVESTORS BY MISREPRESENTING ITS BUSINESS PROSPECTS AND FINANCIAL STABILITY, AND BY EXAGGERATING, WITHOUT BASIS, THE LIKELY FUTURE VALUE OF ITS STOCK.
  • Resolution: Judgment Rendered
  • Sanction Details :: Sanctions: Civil and Administrative Penalty(ies)/Fine(s) Sanctions: Disgorgement
  • Sanction Details :: Amount: $52,472.00 Sanctions: Monetary Penalty other than Fines Sanctions: Injunction
  • Sanctions: PENNY STOCK BAR
See also  Diane Lynn Young Audit (2023) - A Scam or Legit Broker?

 


 

DISCLOSURE 2 – 

 

  • Event Date: 12/24/1975
  • Disclosure Type: Criminal
  • Disclosure Resolution: Final Disposition
  • Disclosure Detail :: Criminal Charges :: Charges: 1. 1 COUNT 2. FELONY 3. GUILTY
  • Charge Type: FELONY
  • Disposition: A. CONVICTED B. 1976 C. 5 YEAR SENTENCE D. INCARCERATED FOR 1 YEAR THEN RELEASED ON PAROLE IN 1977 FOR 1 YEAR, THEN TOTALLY RELEASED.
  • Broker Comment: I WAS INTOXICATED AND HAD SOMEHOW ENTERED A BUILDING. I WAS FOUND AND CHARGED WITH BURGLARY. THAT DATE WAS 12/24/1975.

 


 

DISCLOSURE 3 – 

 

  • Event Date: 4/21/1972
  • Disclosure Type: Criminal
  • Disclosure Resolution: Final Disposition
  • Disclosure Detail :: Criminal Charges :: Charges: ORIGINALLY CHARGED WITH ROBBERY BY FORCE AND FEAR WHICH WAS REDUCED TO ASSAULT & BATTERY W/ A DEADLY WEAPON. (1) 1 COUNT (2) FELONY (3) PLEA OF GUILTY (4) NOT APPLICABLE
  • Charge Type: FELONY
  • Disposition: (A) CONVICTED (B) 06/28/1972 (C) 2 YEARS (D) 90 DAYS IN PRISON AND REMAINER OF TIME ON PROBATION. (E) 04/21/1972 (F) $67.50 (G) 03/05/1986
  • Broker Comment: THIS CHARGE WAS A RESULT OF DEFENDING A YOUNG LADY AGAINST AN ABUSIVE BOYFRIEND. WE ONLY MEANT TO SCARE HIM BUT MY FRIEND CUT HIM ABOVE THE EYE WITH A BELT BUCKLE. I WAS ARRESTED 04/21/1972.
See also  Monroe L Beachy Audit (2023) - A Scam or Legit Broker?

 


 

According to a study prepared for the FINRA Investor Education Foundation, 80 percent of American investors report that they have been solicited to participate in a fraud scheme, while 11 percent of American investors report that they personally lost money as a result of fraud.

FINRA notes that the rate of investment fraud is most likely much higher than it is reported. This is because many victims of financial advisor scams are too ashamed to come forward. Further, the study also found that a significant number of investors do not know how to spot common red flags of investment fraud. The least you should do is share your experience with other potential victims of investment scams.

 

Previous Associations

Under federal securities law and securities industry regulations, registered investment firms have a legal duty to supervise their financial advisors. Section 15(b)(4)(E) of the Securities and Exchange Act of 1934 makes a securities firm liable for the conduct of representatives.

See also  Stinson Richard Williams Audit (2023) - A Scam or Legit Broker?

 

  • LONE STAR SECURITIES, INC. (CRD#: 20452) :: 4/3/2000 – 12/17/2001 :: ADDISON, TX
  • TEXAKOMA FINANCIAL, INC. (CRD#: 16910) :: 9/14/1999 – 2/17/2000 :: PLANO, TX

 

The duty to supervise securities representatives is a strong legal requirement. Registered investment firms must take many different steps to ensure that they are protecting their customers from irresponsible and criminal financial advisors.

Wesley Arbon Harbison

 

Legit or Not?

Unfortunately, stockbroker fraud is more common than many investors would like to think. And yes, stockbrokers (including Wesley Arbon Harbison, but not limited to)  can (and do) steal money from their clients. While it’s rare that a broker will literally steal his client’s money (though that does happen), typically the “theft” of investment funds comes in the form of other fraudulent violations of securities law and FINRA rules which leads to significant investment losses.

Sometimes investment losses occur because advisors, stockbrokers, and even brokerage firms, commit fraud. Massimo Vignelli

Investors generally understand that there are risks associated with buying and selling securities. The market can go up, and the market can go down. No matter how skilled of an investor you are, there are always risks. With that being said, sometimes investment losses cannot be blamed on simple back luck.

There are 10 major types of complaints we receive against Investment Brokers –

  • Outright Theft (Conversion of Funds)
  • Unauthorized Trading
  • Misrepresentation or Omission of Material Facts
  • Excessive Trading (Churning)
  • Lack of Diversification
  • Unsuitable Investment Recommendations
  • Failure to Disclose a Personal Conflict of Interest
  • Front Running of Transactions
  • Breakpoint Sale Violations
  • Negligent Portfolio Management
See also  Michael Joseph Kelly Audit (2023) - A Scam or Legit Broker?

Do your due diligence before investing. Public records are available for everybody to review and decide on the safest bet. 

 

How to Protect Yourself

We, as citizens, place a great deal of trust in the financial advisors who are tasked with helping us achieve and maintain financial security. Most of the time financial advisors and stockbrokers are honest folks who work diligently in their client’s best interests. However, on occasion financial advisors and the brokerage firms who employ them mess up and cause serious financial harm to their clients. Sometimes these losses are caused by simple negligence. Other times fraud or other serious misconduct is to blame.

 

Wesley Arbon Harbison

 

Here are 5 signs that your broker needs to be reported –

  • Breach of Fiduciary Duty: Under the Investment Advisers Act of 1940, certain investment professionals, known as registered investment advisors (RIAs), owe fiduciary obligations to their customers. Your investment broker must always look out for your best interests. If you lost money because of your broker’s breach of fiduciary duty, you may be entitled to compensation for the full value of your damages.
  • Unsuitable Investments: Many financial advisors are not fiduciaries. Instead, they are held to the suitability standard. These stockbrokers and financial advisors can only sell and recommend financial products that are appropriate for a customer’s unique investment profile. If you lost money in unsuitable investments, you should consider reporting them.
  • Material Misrepresentations or Omissions: Brokers have a duty to make fair and honest representations to their clients. If they fail to do so, and an investor loses money due to a misrepresentation or a material omission, the broker may be liable for the investor’s losses.
  • Lack of Diversification: Brokers must also act with the appropriate level of professional skill. Pushing a customer into over-concentrated investments is highly risky. Brokers can be held liable for losses sustained because of an investor’s inappropriate lack of diversification.
  • Excessive Trading (Churning): Stockbrokers and financial advisors must have a well-grounded, reasonable basis to execute all trades. Unfortunately, there are cases in which brokers will frequently trade on a customer’s account, simply to increase their own fees. This unlawful practice is known as churning.
  • Unauthorized Trading: Brokers must have the proper legal authority to make transactions on behalf of a client. If you lost money because your broker made trades that you never approved of, you may have been the victim of unauthorized trading. You should consult with an experienced attorney.
See also  Joseph Ruggerio Barile Audit (2023) - A Scam or Legit Broker?

 

Report Wesley Harbison

In order to prevail in an investment fraud lawsuit or FINRA arbitration cases, you must be able to assert a viable ‘cause of action’.

Wesley Arbon Harbison – and the firm that employs this broker – is regulated by the Financial Industry Regulatory Authority (FINRA). FINRA provides an online form to allow investors to file a formal complaint against their financial advisor, stockbroker, or brokerage firm.

Click here to go to FINRA’s Online Complaint Form →

This form will ask you for specific information related to your complaint. Be prepared by gathering the following:

  • Name and symbol for the investment product in question.
  • The CRD number (4007093) for the broker – Wesley Arbon Harbison
  • Your complete contact information.

Remember, it is advised to report your broker to FINRA, only after you have exhausted all of your other remedies and carefully prepared a compelling complaint.  Once you file a complaint against your broker at FINRA, your case will be bound by FINRA’s rules and the arbitration panel’s eventual decision. The time clock will start, and your complaint will be served on your broker or broker-dealer.

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