Robert Barnard, Principal Securities Inc., Las Cruces, NM
FINRA Reportedly Bars Robert Barnard after Allegations of Selling Away and Borrowing Client Funds
According to the Financial Industry Regulatory Authority (FINRA) on September 30, the regulator has barred financial advisor Robert Barnard after he refused to appear for on-the-record testimony requested by FINRA in connection with its investigation into allegations referenced in Form U5s filed by his member firm.
FINRA’s findings stated that Barnard’s firm filed a Form U5 reporting “that it had discharged Barnard after it found evidence that he had inappropriate personal financial dealings with clients.”
Subsequently, the firm reportedly amended his Form U5 disclosing an arbitration filed by an investor against the firm that alleged “that as an employee of the firm, Barnard sold the customer outside investments and borrowed money from her and her late husband.”
According to his FINRA BrokerCheck report, Barnard was registered with Principal Securities Inc. in Las Cruces, New Mexico from 2008 thru 2018 when he was discharged for allegations of “inappropriate personal financial dealings with the client.” He reportedly has 4 customer complaints filed against him during his career in the securities industry, according to his broker profile. Allegations include breach of fiduciary duty, outside investments, and borrowing money from clients, among others.
Filing a Complaint against your Brokerage Firm
When brokers abuse client accounts or conduct transactions that violate securities laws, such as selling away or making unsuitable investments, the brokerage firm they are working with may be liable for investment losses. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
If you are concerned about investments with Robert Barnard, the securities attorneys of The White Law Group may be able to help you. For a free consultation with a securities attorney, please call 888-637-5510.
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 Franklin, Tennessee.
For more information on The White Law Group, visit www.WhiteSecuritiesLaw.com.