AFinancial Industry Regulatory Authority Inc. (FINRA) arbitration panel awarded a San Diego investor the entire amount of her claim, $1.67 million in compensatory and punitive damages, against broker, DAVID LLOYD BARBER CRD#: 1165082, and his firm, MADISON AVENUE SECURITIES.
DAVID LLOYD BARBER was ordered to pay his former client $1.2 million of the compensatory and punitive damages, and MADISON AVENUE SECURITIES was ordered to pay the remainder, according to FINRA in their award notice. The FINRA panel also awarded the client’s attorneys' fees of almost $868,000 and additional costs of more than $44,000. This is to be paid by Barber and his firm, MADISON AVENUE SECURITIES, which is in San Diego, California.
The FINRA panel found the defendants liable for alleged churning, unauthorized trading, unsuitable trading, breach of fiduciary duty and failure to supervise.
DAVID LLOYD BARBER was also suspended by FINRA in 2013 for four months and fined $25,000 for improperly receiving five loans totaling $867,000 from several of his clients when he was with Raymond James in Newport Beach, California. He concealed the loans from Raymond James by using an outside business he owned. Barber was terminated by Raymond James in 2011.
According to FINRA’s BrokerCheck, DAVID LLOYD BARBER has 5 Disclosures on his report. Barber has been in the securities industry for 31 years and was listed with 8 firms, the most recent are listed below:
03/06/2015 - 01/12/2018 MADISON AVENUE SECURITIES LLC - SAN DIEGO, CA
09/20/2011 - 03/09/2015 FIRST MIDWEST SECURITIES INC - NEWPORT BEACH, CA
08/06/2007 - 10/11/2011 RAYMOND JAMES & ASSOCIATES INC - NEWPORT BEACH, CA
If you were a client of MADISON AVENUE SECURITIES' of SAN DIEGO, California, broker DAVID LLOYD BARBER, and experienced losses due to his actions or recommendations, call Soreide Law Group and speak to an experienced securities lawyer regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group represents our clients nationwide before FINRA. We operate on a contingency fee basis, no fee if no recovery.
