Former World Equity Group Broker, Barry R. Block, Suspended and Fined By FINRA For Allegedly Misrepresenting Variable Annuity Expenses And Altering Disclosure Documents
Barry R. Block is a former World Equity Group Financial Advisor in its Arlington Heights, IL branch office. Barry Block has been in the securities industry since 1984 and previously worked at Ausdal Financial Partners in Davenport, IA, Waterstone Financial Group in Arlington Heights, IL, and Dreher & Associates in Oakbrook Terrace, IL. Barry Block is not currently registered as a broker.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), FINRA has suspended Barry Block for three months and fined him $15,000 for allegedly misrepresenting variable annuity expenses. Specifically, FINRA alleges that Barry Block “misstated the fees associated with the new variable annuity, and/or fees associated with the surrendered variable annuity, on the disclosure forms provided to the customers.” FINRA also alleges that Barry Block “altered disclosure documents involving transactions after the customers signed the documents.”
For a copy of the FINRA sanction, click http://www.finra.org/sites/default/files/fda_documents/2017052426602%20Barry%20R.%20Block%20CRD%201042376%20AWC%20va.pdf
Similarly in 2009, Barry Block was “permitted to resign” from Waterstone Financial Group for allegations of “lack of disclosure on variable annuity product, alleged forgery.” The customer alleged that, “after reveing the paperwork the clients then stated that they did not sign the transfer forms.” That matter was settled for $110,000.
For a copy of the Barry Block CRD, click https://brokercheck.finra.org/individual/summary/1042376#disclosuresSection
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.
- Are Stockbroker Mistakes Considered Fraud?
- 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