March 12, 2018 Comments (0) Blog, Current Investigations, Securities Fraud

CA broker David L. Barber Reportedly Barred from Securities Industry

David L. Barber
(Last Updated On: March 12, 2018)

Madison Avenue Securities Discharges David L. Barber after FINRA Award

According to the Financial Industry Regulatory Authority (FINRA), the regulator has barred former broker David L. Barber from the securities industry.

Barber was reportedly fired by Madison Avenue Securities in January after a client won a $1.67 million arbitration award against him. The FINRA panel allegedly found Barber and Madison Avenue Securities liable for churning, unauthorized trading, unsuitable trading, breach of fiduciary duty and failure to supervise.

According to FINRA, Barber also allegedly failed to appear for testimony in their investigation into whether he engaged in unauthorized trading in the accounts of his customers, exercised discretion in customer accounts without written authorization, or otherwise violated FINRA’s rules.

Separately, in February 2013, Barber purportedly admitted that he had borrowed $867,000 from three clients and allegedly failed to disclose an outside business activity. Barber was suspended in all capacities for four months and fined $25,000.

According to his FINRA BrokerCheck Report, Barber was registered with Madison Avenue Securities from March 2015 until he was discharged in January. Prior to that, he worked forFirst Midwest Securities in Newport Beach, CA from September 2011 until March 2015. Barber has three customer disputes listed on his broker report. Allegations include excessive trading, unauthorized trading, unsuitable trading, breach of fiduciary duty and failure to supervise.

Recovery of Investment Losses

The White Law Group is investigating potential claims against the broker dealers that employed David L. Barber. Registered brokers have a responsibility to make suitable investment recommendations. When brokers engage in prohibited trading practices their employers can be liable for investment losses through FINRA dispute resolution claim based on their failure to supervise and ensure the brokers are complying with FINRA rules.

If you suffered losses investing with David L. Barber, you may be able to file a FINRA claim to recover your losses. Please call The White Law Group at 888-637-5510 for a free consultation.

The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida.

For more information on The White Law Group, visit www.WhiteSecuritiesLaw.com.

 

 

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