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Robert Harger: Alexandria Financial Advisor Suspended
A disciplinary action taken by the Financial Industry Regulatory Authority against Alexandria and New Orleans, Louisiana broker and investment advisor Robert Harger (CRD# 863069) suspended him over allegations he allowed his customers to sign incomplete variable annuity exchange forms and fill in the missing information at a later point. A representative of Harger & Company, Harger was fined $15,000 and suspended from acting as a broker for three months as a result of these findings.
According to a Letter of Acceptance, Waiver, and Consent (No. 2017055821401) dated May 2019, Robert Harger was registered with Harger & Company when, between March 2010 and October 2016, he engaged in 26 instances of permitting a customer to “sign without date a partially completed” variable annuity form. FINRA’s findings state that in these instances, the forms lacked information including product fees and surrender charges, though FINRA notes Harger had provided that information to the customer when he recommended the exchanges. The exchange form in question is described as requiring the customer’s certification by dated signature that they “had read and understood all of the information provided on the form,” including features and charges connected to the switch transaction. After allowing the customer to sign the incomplete form, according to FINRA, Harger entered the missing information himself and submitted it for review. FINRA’s findings state that these actions constituted violations of FINRA Rule 2010, NASD Rule 3110, and FINRA Rule 4511. As a result of the foregoing alleged conduct, he was suspended from association with any FINRA member firm in any capacity for three months. He was also ordered to pay a fine of $15,000.
Robert Harger has been registered with Harger & Company in Alexandra, Louisiana and New Orleans, Louisiana since 1982. His employment history includes Harger Aparicio & Company; Shelter Securities Corporation; and Combined Equity Securities. He currently holds four state licenses—Alabama, Louisiana, Mississippi, and Texas—and has passed four securities industry qualification examinations.