FINRA Bars America Northcoast’s Christopher Barone
Soreide Law Group wants you to be aware that securities broker Christopher Richard Barone (CRD#: 2032268, Houston, Texas) – the CEO and COO of America Northcoast Securities – is disqualified from being a FINRA broker effective January 23, 2020. Notably, FINRA barred Barone for misrepresenting his supervision of trade reporting responsibilities at America Northcoast Securities. Also, six investors brought disputes about the securities broker which allege a host of sales practice violations. Here’s a summary of those recent disclosures.
FINRA Bars Christopher For Misrepresenting Trading Info, Altering Documents
Evidently, FINRA barred Christopher Barone in all capacities because of Barone violating FINRA rules. It appears that Barone misrepresented the frequency of his supervision of trade reporting requirements. Not only that, but it seems that Barone gave FINRA altered documents in the investigation. Supposedly, Barone was dishonest about his review of municipal securities trades. Specifically, he told FINRA that he reviewed those trades more frequently than he had. He also provided false documents relating to his supervisory reviews. Note that Barone is no longer allowed to even associate with a FINRA broker-dealer firm, let alone be a broker for them, according to the watchdog.
Christopher Supposedly Fails To Supervise Broker Who Gave Bad Advice
Also, an America Northcoast Securities client brought a dispute about Christopher Barone in January 2017. Specifically, the client indicated that Barone or the securities firm violated FINRA rules. It seems that Barone was liable for a securities broker’s negligent and unsuitable leveraged ETF trades. The America Northcoast broker possibly failed to consider the client’s risk tolerance, goals or liquidity needs when positioning these alternative investments. In addition, he did not have the client’s permission to make trades. Given these allegations, America Northcoast chose to settle the matter through making a $70,000 payment to the client in January 2018.
America Northcoast Investor Suggests Barone Responsible For Unauthorized ETF Trades
Apparently, in May 2017, clients of America Northcoast Securities brought an investment dispute about Christopher Barone to America Northcoast Securities’ attention. Particularly, the clients suggested that the broker invested their assets in unsuitable investments without their permission in violation of FINRA rules and contrary to the securities broker’s fiduciary responsibility. It seems that Barone failed to supervise the securities broker which resulted in negligent activities. As a result of the unsupervised leveraged exchange traded fund transactions resulting in losses, the client received $242,000 as a settlement in August 2017.
Barone Supposedly Fails To Supervise Securities Broker Who Sold Bad Leveraged ETFs
Evidently, a client of America Northcoast Securities brought an investment dispute about Christopher Barone in April 2017. Notably, the client asserted allegations that were strikingly similar to the other client. This includes allegations of Barone’s failure to supervise in the client’s America Northcoast account. It seems that the securities broker breached a fiduciary responsibility to the client, failing to place the client’s goals firsts. It is possible that this broker also made unauthorized and unreasonable trades of leveraged ETFs. Apparently, America Northcoast Securities settled this matter by making a $242,000 payment to the client in August 2017.
Did Barone Cause You Losses?
Have you experienced losses by investing in ETFs because of America Northcoast Securities broker Christopher Barone? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have incurred losses due to misconduct of securities firms and brokers like Barone.