FINRA Bars David Morris After Failing To Pay Arbitration Award

David Morris (David Jeffrey Morris, CRD# 2522277) is a former registered broker and investment advisor whose last known employer was Stifel, Nicolaus & Company, Incorporated (CRD# 793) of Chicago, IL. His previous employers include UBS Financial Services Inc. (CRD# 8174), J.P. Morgan Securities Inc. (CRD# 79) and Banc Of America Investment Services, Inc. (CRD# 16361), also of Chicago. He has been in the industry since 1996.

Morris was involved in a FINRA arbitration brought by his former employer, UBS Financial Services and UBS Credit Corp. In it, UBS alleged that Morris breached ten promissory notes when he failed to repay them at the time of his termination. (No reason for termination is available, or whether it was voluntary.) Representing himself, Morris denied these allegations and filed a counterclaim. FINRA suspended Morris.

After reviewing the evidence, FINRA awarded UBS the following:

Compensatory damages, $917,862.39
Contractual interest, $115,309.65
Attorneys’ fees and costs, $87,229.24
Late fees for the unpaid notes, $2,009.50
Total: $1,122,410.78

Interest accrued after 30 days of arrears will also include 9% per annum interest every year that it is unpaid until paid in full. The arbitration panel also assessed the hearing and assessment fees to Morris, which total an additional $5,500.00.

Morris was suspended until he made payment in full for all these fees. After failing to do so, FINRA suspended him indefinitely effective 3/21/2022. He did not request an end to his suspension within 3 months of the date of suspension.

Following Morris’ failure to pay this award, FINRA barred him indefinitely effective 5/3/2023.

Prior to the FINRA activity, a customer filed a dispute against Morris on 913/22, with allegations of “Illinois Securities Laws, FINRA rules, common law fraud, breach of fiduciary duty, breach of contract and negligence.” The customer requests damages of $480,000. This claim is listed as pending.

A civil judgement was filed against Morris on 7/6/2021 with a lien of $138,926.77. No additional information is available.

Did You Invest With David Morris?

Silver Law Group represents investors in securities and investment fraud cases. Our lawyers are admitted to practice in New York and Florida and represent investors nationwide to help recover investment losses due to stockbroker misconduct. If you have any questions about how your account has been handled, call to speak with an experienced securities attorney. Most cases are handled on a contingent fee basis, meaning that you won’t owe us until we recover your money for you. Contact us today at (800) 975-4345 and let us know how we can help.