Investors Complain About Kimberly Barentsen

The Financial Industry Regulatory Authority (FINRA) reports important information about securities broker Kimberly Barentsen AKA Kimberly Ann Bielema and Kimberly Ann Bietema [CRD#: 2092280, Walnut Creek, CA]. Evidently, investors disputed the sales practices of the securities broker, who worked for First Allied Securities. Additionally, the securities broker discloses a regulatory enforcement action. However, Barentsen denies the allegations of sales practice violations. Read on to learn more about the allegations against Barentsen.

First Allied Securities Investor Accuses Kimberly Barentsen Of Unsuitable Recommendations

Evidently, a First Allied Securities client filed FINRA Arbitration #: 21-01583 about Kimberly Barentsen. Notably, the client alleged that Barentsen made unsuitable recommendations, failed to supervise, and failed to perform due diligence relating to investment recommendations. Because of this, the client sustained damages on real estate securities. Therefore, on February 24, 2022, First Allied Securities settled this matter by paying the client $15,000.

FINRA Sanctions First Allied Securities Broker Barentsen For Outside Business Activities

Also, on August 7, 2020, FINRA issued Case #: 2019062246401 sanctioning Kimberly Barentsen for infractions. Specifically, FINRA imposed a two-month suspension and a $5,000 fine. Notably, FINRA alleged that Barentsen engaged in an undisclosed outside business activity.

Supposedly, between January 2017 and January 2019, Barentsen exceeded the scope of her authorized outside investment advisory business by seeking asset management fees during the time that she was associated with First Allied Securities Inc. Specifically, in 2016, Barentsen formed her own registered investment adviser where she was the only owner and employee. Barentsen was authorized by First Allied to engage in this outside business, where she would charge hourly and fixed one-time financial planning fees.

In December 2016, Barentsen started offering asset management services where she would charge a 1.5% yearly fee. Barentsen failed to disclose this new service to First Allied, and when it was discovered by the firm in January 2019, Barentsen stopped charging the fees and ended her arrangement with the variable annuity provider. Still, in 2017 and 2018, Barentsen made false statements in her yearly compliance questionnaires in response to whether her advisory business was managing assets and if she was compensated through a percentage of the assets that were being managed. Barentsen indicated in the questionnaires that she only charged hourly fees and did not manage assets. As a result, Barentsen violated FINRA Rules 2010 and 3270.

First Allied Securities Broker Kimberly Barentsen Discharged

Evidently, First Allied Securities disaffiliated with Barentsen. First Allied Securities alleged that Barentsen failed to timely disclose services through an investment advisory.

Recent Employer Information

Barentsen worked for NPB Financial Group in Walnut Creek, CA, as a securities broker from November 11, 2020 to July 15, 2022. She works at Independent Financial Group in Walnut Creek, CA, as a securities broker since July 15, 2022.

Kimberly Barentsen worked for NPB Financial Group in Walnut Creek, CA, as a financial advisor from November 12, 2020 to July 15, 2022. She works at Independent Financial Group in Walnut Creek, CA, as a financial advisor since July 15, 2022.

Barentsen has been employed by Barentsen Advisory Services in Walnut Creek, CA, as a financial advisor since November 29, 2016.

Damages Resulting From First Allied Securities Broker Kimberly Barentsen?

Have you suffered damages by investing with Kimberly Barentsen? If so, get in touch with Soreide Law Group at (888) 760-6552. Speak with a securities attorney about a possible recovery of your investment losses. Notably, Soreide Law Group has effectively recovered money for investors throughout the United States. The firm represents clients on a contingency fee basis and advances all costs. Barentsen and brokerage firms Barentsen was employed by deny any and all allegations of sales practice violations.

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Soreide Law Group discusses First Allied Securities Broker Kimberly Barentsen and how a securities attorney can help you recover damages because of sales practice violations.