According to FINRA, Christopher F. Harrington Jr. was assessed a deferred fine of $11,500 and suspended from association with any FINRA member in all capacities for nine months for recommending transactions in a customer's account that inflated his own compensation and caused the customer to incur unnecessary fees and costs, without a reasonable basis to believe the transactions were suitable.

The customer was 48 years old when he started investing with Harrington and depended on the investment assets for the rest of his life because he was no longer able to work after a disabling accident. Harrington recommended purchases and sales that generated commissions and fees that could easily have been avoided. For example, Harrington recommended the purchase of approximately $1.4 million in market-linked investments (MLIs), received a fee, then shortly thereafter moved these MLIs to another account, resulting in another fee. Harrington also recommended selling approximately $550,000 of MLIs and using the proceeds to purchase other securities in a way that caused the customer to incur approximately $7,550 in total commissions.

Harrington also engaged in short-term trading in securities typically intended to be held long-term, including Unit Investment Trusts (UITs) and master limited partnerships (MLPs), generating additional unwarranted fees. The timing and manner of execution of these transactions had no purpose other than to increase Harrington's fees.

This case demonstrates the serious harm that can result when representatives prioritize their own compensation over their customers' best interests, particularly when the customer is vulnerable due to disability and dependent on investment assets for life.