- February 28, 2020
- Emerson Equity LLC
Darrah Michael Bourke (CRD # 5255413) is a Financial Advisor at Emerson Equity LLC in Mill Valley, CA. Darrah Bourke has been in the securities industry since since 2007 and previously worked for Summit Brokerage Services, Inc., Stifel, Nicolaus & Company, Incorporated, Stone & Youngberg LLC and UBS Financial Services Inc.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Darrah Bourke has been the subject of six customer complaints during his career, alleging sales practice misconduct, including the following:
- June 2018 – “CLIENT ALLEGES THAT BEGINNING IN MARCH 2015, REGISTERED REPRESENTATIVE EXERCISED UNAUTHORIZED DISCRETIONARY CONTROL AND EXECUTED TRADES CONTRARY TO HIS INVESTMENT AND RISK PROFILE.” The matter settled for $32,500.
- August 2017 – “Client alleges unauthorized trading and overconcentration in energy securities.” The matter settled for $13,500.
- March 2016 – “Client alleges that registered representative recommended unsuitable mutual funds.” The matter settled for an undisclosed amount.
- December 2014 – “CLIENT VERBALLY ALLEGED UNAUTHORIZED TRADING.” The matter settled for $50,000.
- August 2013 – “CLIENTS ALLEGED REGISTERED REPRSENTATIVE EXERCISED TIME AND PRICE DISCRETION IN CONNECTION WITH SECURITIES TRANSACTIONS.” The matter settled for $30,000.
In October 2014, Darrah Bourke was “discharged” by Stifel Nicolaus & Company, Inc. for “VIOLATION OF FIRM POLICY REGARDING EXERCISING DISCRETION WITHOUT WRITTEN AUTHORIZATION IN CLIENT ACCOUNTS.”
For a copy of Darrah Bourke’s CRD, click https://brokercheck.finra.org/individual/summary/5255413#disclosuresSection
In addition, FINRA suspended Darrah Bourke in March 2017 for exercising discretion without written authorization in customer accounts. “The findings stated that although Bourke discussed investment strategies with these customers, Bourke execised discretion and executed transactions in the account without first speaking the the cutomers about the specific transactions. Bourke had not obtained prior written authorization from the customers to execute discretion in their accounts, and his member firm had not approved either account for discretionary trading.”
For a copy of the FINRA sanction, click https://www.finra.org/sites/default/files/fda_documents/2015044341201_FDA_VA701837%20%282019-1563193160698%29.pdf
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at 800.931.8452 or by email at email@example.com.