Michael Harris: $500K-$1mm Complaint Against Merrill Advisor

Indian Wells, California financial advisor Michael Harris (CRD# 2982772) recently received an investor complaint alleging that he made unsuitable investment recommendations. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Merrill Lynch.

Mr. Harris’s BrokerCheck report discloses one investor complaint. Filed in July 2025, it alleges that as a representative of Merrill Lynch, he made misrepresentations of material facts, recommended unsuitable investments, and failed to act in the customer’s best interests with regard to money market fund investments between 2023 and 2025. The pending investor complaint alleges damages between $500,000 and $1,000,000.

Investors should be aware that the “misrepresentation” of material facts concerning investments is prohibited by FINRA rules. The most relevant rule may be FINRA Rule 2020, which stipulates that no broker shall “effect any transaction in, or induce the purchase or sale of, any security by means of any manipulative, deceptive or other fraudulent device or contrivance.” Brokers who provide investors with inaccurate or otherwise misleading information may be held liable for damages in the event of losses.

Merrill Lynch’s website includes a profile of Mr. Harris that describes his background and services as a Managing Director at the Harris Clerkin Suafoa Group, a practice within the firm. As it explains, he holds a Certified Financial Planner certification and used to work as a tax advisor for high-net-worth individuals and business owners. “He uses this experience to work closely with clients, listening carefully to what they say about their lifestyles, concerns and aspirations,” it states. “From there he works in concert with his team to create customized wealth-building and wealth-distribution strategies to help meet each client’s short- and long-term objectives.”

According to the Financial Industry Regulatory Authority, Michael Harris holds 27 years of securities industry experience. Based in Indian Wells, California, he has been registered as a broker and an investment advisor with Merrill Lynch since 2002. His past registrations include Prudential Securities, AG Edwards & Sons, and HD Vest Investment Services. His credentials include the passage of seven securities industry qualifying exams: the General Securities Sales Supervisor – General Module Examination, or Series 10; the General Securities Sales Supervisor – Options Module Examination, or Series 9; the Securities Industry Essentials Examination, or SIE; the National Commodity Futures Examination, or Series 3; the General Securities Representative Examination, or Series 7; the Uniform Investment Adviser Law Examination, or Series 65; the Uniform Securities Agent State Law Examination, or Series 63. He holds 38 state licenses. (Information current as of August 7, 2025.)

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