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Merritt Frank Harris

Merritt Frank Harris is currently employed as a Broker and/or Investment Adviser at COMMONWEALTH FINANCIAL NETWORK located at 117 South 2nd Street, #2, Douglas, WY, 82633.

Merritt Frank Harris has worked at COMMONWEALTH FINANCIAL NETWORK since May 11, 2018

Disclosure History

Merritt Frank Harris has 1 Disclosure Event(s).

Date: October 09, 2003
Category: Customer Dispute
Allegations: CLIENT ALLEGES HE ATTEMPTED TO "STOP" AN ORDER TO SELL SHARES OF GLOBAL OUTDOORS INC (GLRS) AND HARRIS INFORMED HIM THE FIRM NO LONGER TRADED THE STOCK. CLIENT STATES HE SOLD AS HE BELIEVED HE HAD NO OTHER OPTIONS AVAILABLE. CLIENT ALSO ALLEGES HARRIS SOLD SHARES OF KINDER MORGAN ENERGY PARTNERS AND EXXON MOBIL IN FEBRUARY 2003 WITHOUT HIS AUTHORIZATION. CLIENT CLAIMS DAMAGES IN EXCESS OF $5,000.
Broker Comment: ACCORDING TO IR, THE CLIENT CONTACTED HIM IN FEBRUARY 2000 REGARDING A COMPANY CALLED GLOBAL OUTDOORS, INC. IR INDICATED THE CLIENT EXPLAINED HE HAD HEARD OF THE COMPANY WHILE VACATIONING AND IR INFORMED THE CLIENT IR WAS NOT FAMILIAR WITH THE COMPANY. ACCORDING TO OUR RECORDS, 517 SHARES OF THE STOCK WERE PURCHASED ON FEBRUARY 3, 2000, AND 740 MORE SHARES WERE PUCHASED ON NOVEMBER 13, 2000. IR STATED IN JULY 2002, THE CLIENT PLACED AN OPEN ORDER TO SELL 400 SHARES OF GLOBAL OUTDOORS AT $12.00 PER SHARE. IR FURTHER INDICATED THAT ON THE DAY THE CLIENT SUBSEQUENTLY DECIDED TO CANCEL THE ORDER, IR WAS NOT IN THE OFFICE. THE ORDER WAS CANCELLED AND THE CLIENT DECIDED TO SELL HIS ENTIRE POSITION OF GLOBAL OUTDOORS AT THE MARKET PRICE. THESE TRANSACTIONS WERE COMPLETED ON MARCH 10, 2003. ACCORDING TO IR, CLIENT QUESTIONED IF THE SHARES OF EXXON MOBIL AND KINDER MORGAN ENERGY PARTNERS COULD BE TRANSFERRED TO CLIENT'S ROTH IRA TO MAKE A CONTRIBUTION. IR FURTHER INDICATED HE EXPLAINED CONTRIBUTIONS TO IRA ACCOUNTS MUST BE MADE IN CASH. IR ALSO STATED THAT HE SUGGESTED IF THE CLIENT DID WANT TO USE THESE INVESTMENTS FOR CONTRIBUTIONS, THEY COULD BE SOLD IN THE JOINT REGISTRATION ACCOUNT, THE PROCEEDS TRANSFERRED TO THE ROTH IRAS AS CONTRIBUTIONS, AND THE INVESTMENTS REPURCHASED IN THE ROTH IRAS. APPARENTLY, WHEN IR CONTACTED THE CLIENT TO INFORM HIM OF THE FILLED ORDERS, THE CLIENT STATED HE HAD NOT AGREED TO SELL THE INVESTMENTS. IT IS UNDERSTOOD IR EXPLAINED HE HAD RECEIVED FIRM INSTRUCTIONS FROM THE CLIENT TO PLACE THE TRADES. BASED ON OUR REVIEW, IT IS OUR OPINION ALL TRANSACTIONS WERE AUTHORIZED. CLAIM DENIED.

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BrokerCheck is the source of the data included in this Report. The data was compiled on June 29, 2018.

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