Soreide Law Group (888-760-6552) obtained the following information on FINRA’s website under, “Disciplinary and Other FINRA Actions, January 2017.”
Kevin Lawrence Barbalace (CRD #4456476, Baltimore, Maryland)
was assessed a deferred fine of $5,000 and suspended by FINRA for three months for allegedly making unsuitable investment recommendations to a client, and exposing the client to a risk of loss that was inconsistent with the client’s financial needs and situation.
FINRA’s findings stated that Barbalace recommended and made trades in the client’s individual retirement account (IRA) and regular account that resulted in an excessive concentration of low-priced stocks in the client’s accounts. When the client transferred the accounts from Barbalace’s member firm, the client incurred more than $7,000 in net losses.
Also, FINRA’s findings stated that Barbalace accepted a check from the client for an undisclosed outside business activity. Barbalace charged the customer $750 to complete online paperwork for the client to open a limited liability company and to retain Barbalace for as-needed business consultation. This activity was outside the scope of Barbalace’s relationship with his firm. Barbalace never disclosed this activity to his firm, nor did he disclose the activity in the annual disclosure of outside business activity and political contributions form he completed.
Kevin Lawrence Barbalace’s suspension is in effect from November 21, 2016, through February 20, 2017.
(FINRA Case #2015047757701)
Kevin Lawrence Barbalace, according to FINRA’s BrokerCheck, has been registered in the securities industry for 14 years, and has been with 8 firms, the last few listed below:
08/18/2015 - 06/10/2016 CORINTHIAN PARTNERS, LLC - Middletown, NJ
06/10/2011 - 05/13/2015 DAWSON JAMES SECURITIES, INC - COLUMBIA, MD
01/28/2010 - 06/16/2011 SII INVESTMENTS, INC. - BALTIMORE, MD
12/05/2005 - 02/01/2010 LPL FINANCIAL CORPORATION - NOTTINGHAM, MD
If you or an elderly family member were a client of broker, Kevin Lawrence Barbalace, and experienced losses due to his recommendations or actions, call Soreide Law Group and speak to a lawyer at no-cost regarding the possible recovery of your financial losses at: 888-760-6552.
Soreide Law Group represents our clients nationwide before FINRA and we operate on a contingency fee basis.
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