Barry Connell Barred By FINRA For Failing To Pay Arbitration Award; Currently Has 10 Customer Complaints
The Wolper Law Firm is currently investigating claims against Barry Connell, a former Financial Advisor at Morgan Stanley in Ridgewood, New Jersey. Barry Connell has been in the securities industry since 1998 and previously worked at UBS Financial Services.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on June 25, 2018, FINRA sanctioned Barry Connell, indefinitely suspending him from associating with any brokerage firm for failure to pay an arbitration award rendered against him. The arbitration award stemmed from an employment lawsuit filed by Morgan Stanley in which Morgan Stanley received an award of $6 million.
In addition, Barry Connell’s record as a Financial Advisor is marred with customer complaints and alleged sales practice violations for which Morgan Stanley may be financially responsible. Barry Connell’s BrokerCheck report reveals ten (10) customer complaints, including one pending complaint. The allegations against Barry Connell include fraud, misappropriation of money and unsuitability. Among the specific allegations are:
- December 2017—”Claimant alleged, inter alia, Misappropriation with respect to funds in her accounts.” Alleged damages are $2.19 million.
- March 2017—”CLIENT’S ATTORNEY ALLEGED, INTER ALIA, THAT THE CLIENT’S SIGNATURES ON VARIOUS CHECKS AND ACCOUNT DOCUMENTS WERE FORGED BY HER HUSBAND WHO WAS THE FA ON THE ACCOUNT.” The matter was settled for $725,000.
- December 2016—”CLAIMANT ALLEGED INTER ALIA, THAT INVESTMENTS PURCHASED IN HER ACCOUNT WERE UNSUITABLE.” The matter was settled for $45,000.
- November 2016—”Claimants alleged that between December 2015 and November 2016, the FA removed and/or transferred funds from their accounts without their authorization.” The matter was settled for $2.53 million.
- November 2016—”Claimants alleged that between December 2015 and November 2016, the FA removed and/or transferred funds from their accounts without their authorization.” The matter was settled for $3.46 million.
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.
If you or someone you know was a customer of Barry Connell, and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at firstname.lastname@example.org to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.
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. Simply put, he knows how the other side evaluates cases, which gives you a competitive advantage.
- Former West Park Capital, Inc. and Laidlaw & Company LTD Broker, Bryan Mazliach, Investigated By FINRA For Alleged Violation Of FINRA Rules
- Former BMO Harris Financial Advisors, Inc. Broker, Lori Ann Sacco, Suspended Six Months By FINRA For Allegedly Altering Customer Account Documents
- Former Woodbury Financial Services, Inc. Broker, Jodie Lane, Suspended Six Months By FINRA For Allegedly Accepting Gifts And Becoming Beneficiary Of A Client
- Broker, Kimberley Schkade-Hill, Supsended by FINRA For Four Months And Fined $10,000 For Allegedly Having Clients Sign Documents In Blank
- LPL Financial LLC Broker, Matthew Clason, Is The Subject Of An SEC Enforcement Action For Allegedly Stealing Hundreds Of Thousands Of Dollars From A Client
- Former Capitol Securities Management Inc. Broker, Michael Rubel, Suspended By FINRA For 45 Days For Allegedly Engaging In Short-term Trading Of Unit Investment Trusts
- Recovering Your Investment Losses In Non-Traded Real Estate Investment Trusts And Business Development Companies
- Former Westpark Capital, Inc. Broker, Hary Datys, Suspended By FINRA For Fifteen Months For Allegedly Failing To Conduct Due Diligence Before Selling Promissory Notes
- Former Ameriprise Financial Services, LLC Advisor, Arthur Hoffman, Barred By FINRA For Allegedly Failing To Provide Documents In Relation To Investigation Into Outside Business Activities
- Crown Capital Securities Broker, Kenneth Barroga, Has Had Four Customer Complaint Disclosures