Madison Avenue Securities Broker, David Barber, Barred By FINRA For Unauthorized Trading
The Wolper Law Firm is currently investigating claims against David Barber, a former Financial Advisor at Madison Avenue Securities in San Diego, CA. David Barber has been in the securities industry since the 1980s and previously worked at Fist Midwest Securities.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in March 2018, FINRA sanctioned David Barber, barring him from working in the securities industry. Specifically, the FINRA sanction states that David Barber “failed to produce information and documents request by FINRA during the course of an ongoing examination to determine whether he engaged in unauthorized trading in the accounts of customers of his member firm, exercised discretion in customer accounts without written authorization, or otherwise acted in violation of FINRA rules.”
For a full copy of the FINRA sanction, click https://www.finra.org/sites/default/files/fda_documents/2017052696401%20David%20L.%20Barber%20CRD%201165082%20AWC%20jm.pdf
In addition, David Barber has two pending customer complaints, alleging sales practice violations. He was also on the losing end of an arbitration in 2016, where damages of more than $2 million were awarded to the investor.
- July 2018—”Claimants allege from the period of approximately March 2015 through January 2018 that they sustained monetary losses related to the purchase and sales of equity securities.” The alleged damages are $400,000 and the matter remains pending.
- April 2018—”Client alleges four causes of action. Client alleges breach of fiduciary duty, fraud against barber, negligence failure to supervise against firm, vicarious liability for alleged conduct related equity securities and misappropriation of funds.” Alleged damages are $900,000 and the matter remains pending.
- May 2016—Client alleged “excessive trading, unauthorized trading, unsuitable trading, breach of fiduciary duty and failure to supervise from March 2015 through February 2016.” IN January 2018, the panel awarded the investors $2.1 million.
Notably, in 2011, David Barber was discharged by Raymond James for allegedly misappropriating client funds.
For a full copy of David Barber’s FINRA disclosure report, click https://brokercheck.finra.org/individual/summary/1165082#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.
If you or someone you know was a customer of David Barber and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at email@example.com 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.
- 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