FINRA Issues Sanctions To John Barnes

The Financial Industry Regulatory Authority (FINRA) reports important information about securities broker John Charles Barnes (CRD:  862738, Naples, FL). Not only has FINRA sanctioned Barnes for unauthorized trading, but investors disputed the sales practices of the securities broker. However, Barnes denies the allegations. Read on to learn more about the allegations against Barnes.

FINRA Issues Sanctions To Barnes For Unauthorized Trading

Notably, on September 1, 2022, FINRA issued Case: 2019062419801 sanctioning John Barnes for infractions. Specifically, Barnes received a one-month suspension as a securities broker and a fine of $5,000. Notably, FINRA claims that Barnes engaged in unauthorized trading.

Mainly, FINRA indicates that from May 2016 to March 2019, during the time that he was associated with RBC Capital Markets, Barnes exercised discretion in 432 transactions in 9 client accounts without prior written authorization. While the clients gave Barnes implied or express permission to exercise discretion in their accounts, he allegedly failed to get prior written authorization from any of the clients. Additionally, RBC did not accept the affected accounts as discretionary. As a result, Barnes violated FINRA Rule 2010 and NASD Rule 2510(b).

RBC Capital Markets LLC Disaffiliates With John Barnes For Violation Of Policy

Evidently, on April 8, 2019, RBC Capital Markets LLC disaffiliated with Barnes. RBC Capital Markets LLC alleged that Barnes failed to comply with the securities firm’s policies.

Barnes Employment Information

• Barnes worked for RBC Capital Markets LLC in Naples, FL, as a securities broker from March of 2002 to April of 2019.
• Barnes worked for RBC Capital Markets LLC in Naples, FL, as a financial advisor from April of 2006 to April of 2019.
• Barnes has worked for Wilmington Capital Securities LLC in Naples, FL, as a securities broker since April 15, 2019.
• Barnes has worked for Wilmington Capital Securities LLC in Naples, FL, as a financial advisor since October 22, 2019.

Damages Resulting From RBC Capital Markets LLC Securities Broker John Barnes?

Have you suffered damages because of John Barnes? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with a securities lawyer about a possible recovery of your investment losses. Soreide Law Group, who has successfully recovered money for many investors throughout the United States, is ready to review your situation and explain your legal options. Also, the firm represents clients on a contingency fee basis and advances all costs. Barnes and brokerage firms Barnes worked for deny any and all allegations of sales practice violations.