Soreide Law Group is conducting an investigation into potential claims on behalf of investors who may have sustained losses due to the actions of securities broker and financial advisor Edward Joseph Barfield (also known as Edward Barfield) (CRD: 4257082, Kirkwood, Missouri). Evidently, Barfield joined Geneos Wealth Management, Inc. on March 23, 2021. Before that, he worked for Cetera Advisor Networks LLC from September 20, 2019, to March 25, 2021, Summit Financial Group Inc. from October 14, 2010, to March 25, 2021, and Summit Brokerage Services, Inc. from September 3, 2010, to September 20, 2019. Notably, Barfield discloses several client complaints, notably concerning allegations of unsuitable recommendations and failure to disclose critical information.
Geneos Wealth Management Inc. Investor Accused Barfield Of Making Unsuitable Recommendations
Evidently, on July 18, 2023, a client of Geneos Wealth Management Inc. filed a complaint about Edward Barfield. Specifically, the client contended that Barfield recommended an unsuitable fixed whole life insurance product in 2020 and created a tax liability while transferring her IRA account to a revocable living trust account. Because of these actions, the client purportedly incurred damages related to insurance products. Therefore, the client is seeking $292,000 in damages either from Geneos Wealth Management Inc. or Barfield.
Supposedly, a complaint dated January 25, 2017, emerged from a OneAmerica Securities client against Edward Barfield. Namely, the complaint alleged that Barfield made unsuitable recommendations and failed to disclose critical information in connection with the sale of a variable annuity and variable universal life insurance policy. Because of this, the client claims to have sustained damages on variable annuity and insurance products. The matter was settled on February 26, 2018, for $85,000, with Barfield contributing $10,000 to the settlement.
OneAmerica Securities Inc. Investor Accused Barfield Of Misleading Them Into Unsuitable Investments
On February 22, 2011, a complaint was lodged about Edward Barfield by a client of OneAmerica Securities Inc. The client alleged that Barfield misled them into using their 401K funds to buy two life insurance policies that they couldn't afford. Consequently, the client claims they sustained damages related to variable annuity and insurance products. However, the complaint was closed without action on March 25, 2012.
OneAmerica Securities Inc. Client Accused Edward Barfield Of Making Inappropriate Recommendations
Also, a OneAmerica Securities Inc. client filed a complaint about Edward Barfield on October 21, 2010. The investor claimed that Barfield recommended an unsuitable investment strategy that led to unnecessary losses. Furthermore, the client asserted that Barfield improperly handled a 1035 exchange of a variable annuity, allegedly reducing their guaranteed retirement income. Therefore, on November 23, 2010, OneAmerica Securities Inc. settled this matter by paying the client $12,401.05 in damages.
Barfield Disclosed Unsuitability Allegations By OneAmerica Securities, Inc. Client
Supposedly, Edward Barfield faced allegations from a client at OneAmerica Securities, Inc., leading to FINRA Arbitration: 10-02069. The client's complaint, filed on May 12, 2010, specifically contended that the variable annuity purchased in June 2008 was unsuitable for them. As a result, the client claimed to have incurred damages amounting to $180,000. Notably, the case reached a settlement on May 17, 2011, with OneAmerica Securities compensating the client $55,000. However, Barfield offered a broker statement indicating that the client managed his own account from May 2009 and argued that the alleged damages did not consider the client's own actions, such as moving $90K into a Roth IRA.
Did You Sustain Losses Due To Edward Barfield?
Have you faced financial setbacks as a result of dealings with Edward Barfield? If this applies to you, it's crucial to contact Soreide Law Group online or at (888) 760-6552 to consult with a knowledgeable securities attorney about potentially recovering your investment losses. Specifically, Soreide Law Group has a successful track record of reclaiming losses for investors across the nation, operates on a contingency fee basis, and fronts all costs. Importantly, Edward Barfield and the brokerage firms he worked for refute claims of sales practice misconduct.
