Ernest Harris: $300K Complaint Against Union Capital Advisor

Playa Vista financial advisor Ernest Harris (CRD# 714335) allegedly recommended an unsuitable investment that led to six-figure damages, according to a recent investor complaint. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with Union Capital Company.

Mr. Harris’s BrokerCheck report discloses several investor complaints. The most recent, filed in January 2023, alleges that as a representative of Union Capital Company, he recommended an unsuitable investment in an asset-backed debt product. The pending complaint alleges damages of $300,000.

An earlier investor complaint, filed in 2009, alleged that as a representative of Citigroup Global Markets, he misrepresented an investment in a variable annuity. The complaint reached a settlement of $75,000.

A third investor complaint, filed in 2004, alleged that as a Citigroup representative, he sold an unapproved outside investment for which he promised a “12% interest return for the year.” The complaint reached a settlement of $40,900.

Mr. Harris’s BrokerCheck report also describes a regulatory sanction against him. Disclosed in April 2005, the sanction by the National Association of Securities Dealers alleged that he “facilitated the loan of $40,000  between an individual and an outside entity for which he received compensation,” and additionally that he did not provide his member firm with prompt written notice of this activity. He was issued a fine of $7,000 and a 15-day suspension.

According to the Financial Industry Regulatory Authority, Ernest Harris holds 42 years of securities industry experience. Based in Playa Vista, California, he has been a broker and an investment advisor with Union Capital Company since 2018. His registration history includes Portsmouth Financial Services (San Francisco, California; 2013-2018), East/West Securities Corporation (San Francisco, California; 2012-2013), White Pacific Securities (Beverly Hills, California; 2004-2012), Citigroup Global Markets (New York, New York; 1993-2004), Lehman Brothers (New York, New York; 1991-1993), and Dean Witter Reynolds (Purchase, New York; 1980-1991). His credentials include the passage of five securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the National Commodity Futures Examination, or Series 3; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He is licensed in Arizona, California, Florida, Illinois, Michigan, Nevada, New York, Pennsylvania, Rhode Island, and Texas. (Information current as of March 1, 2023.)

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