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Clark Harris: REIT Complaint Against Titan Wealth Advisor
Bloomfield Hills financial advisor Clark Harris (CRD# 2730928) allegedly recommended unsuitable investments, according to a pending investor complaint against him. Financial Industry Regulatory Authority records show that he is a broker and investment advisor with Aurora Securities, doing business as Titan Wealth Management. He was formerly registered with Sigma Financial Corporation.
Mr. Harris’s BrokerCheck report discloses two investor complaints. The most recent, filed in June 2022, alleges that as a representative of Sigma Financial Corporation, he made unsuitable investment recommendations involving a real estate investment trust (REIT) and a non-traded direct participation program. The complaint alleges additionally that he “did not have the required securities registration to make the recommendations and that the firm failed to adequately supervise the representative.” The pending complaint alleges damages of $143,366.
A second investor complaint, filed in 2012, alleged that as a representative of Sigma Financial Corporation, he initiated a withdrawal from a variable annuity that caused a decrease in its guaranteed minimum withdrawal benefit rider, “therefore causing the client to receive less annual income.” In 2013 the complaint reached a settlement of $69,000.
In April 2021 Sigma Financial Corporation fired Mr. Harris. His BrokerCheck report states that his termination related to allegations that he “solicited, recommended, and sold illiquid alternative investments to one or more customers without possessing a qualifying FINRA license to do so, and that the representative took steps to conceal this activity from the firm.” In a comment on the disclosure, he wrote that the allegations “relate to investments made over 10 years ago” and that an adequately licensed representative “was involved in each investment at issue.”
In March 2021 FINRA initiated an investigation into potential misconduct by Mr. Harris. According to a disclosure on his BrokerCheck report, the investigation concerns allegations he “received securities compensation for recommending alternative investments for which he was not registered to do so.”
According to the Financial Industry Regulatory Authority, Clark Harris holds 25 years of securities industry experience. Based in Bloomfield Hills, Michigan, he is a broker and investment advisor with Aurora Securities, doing business as Titan Wealth Management. His past registrations include Sigma Financial Corporation (Bloomfield Hills, Michigan; 2000-2021), Linsco/Private Ledger Corporation (Fort Mill, South Carolina; 1999-2000), John Hancock Distributors in Boston, Massachusetts (1996-1998), and John Hancock Mutual Life Insurance Company in Boston, Massachusetts (1996-1997). His credentials include the passage of three securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the Securities Industry Essentials Examination, or SIE; and the Uniform Securities Agent State Law Examination, or Series 63. He is licensed in California, Georgia, Michigan, North Carolina, Pennsylvania, South Carolina, Tennessee, and Wisconsin. (Information current as of June 22, 2022.)
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