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.
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