The Financial Industry Regulatory Authority (“FINRA”) reports troubling allegations of sales practice violations by securities broker Mark Barrand (CRD#: 4586528, Lone Tree, Colorado]. Specifically, 5 clients brought disputes to challenge Barrand’s recommendations or trading. These disputes suggest that Barrand provided bad investment advice and was responsible for client losses. Here is a summary of those disputes:
Cetera Investor Alleges Mark Barrand Failed To Perform Due Diligence on Direct Investments
Evidently, Barrand worked for Cetera Advisors LLC from 2004 to 2016. Apparently, a Cetera Advisors client contested Mark Barrand’s sales practices through bringing a complaint on February 13, 2019. Supposedly, Barrand neglected to undertake adequate due diligence with regard to direct investments he sold. Not only that, but he seemingly overlooked the client’s investment profile when making recommendations. Additionally, the client indicated that Barrand breached a fiduciary duty and negligently advised the client on direct investments. Apparently, on June 18, 2019, Cetera Advisors LLC opted to settle the client’s claim through a payment of $22,500.
Ameriprise Financial Client Indicates Barrand Misrepresented UIT, Annuity
FINRA BrokerCheck shows that Mark Barrand joined Ameriprise Financial Services on July 29, 2016. Evidently, a client of Ameriprise Financial Services Inc. contested Barrand’s sales of unit investment trusts and variable annuities. Mainly, the client suggested that Barrand falsified information or somehow misled the client about the investments. However, Ameriprise denied this client’s dispute on January 30, 2018.
Legacy Financial Services Clients Indicate Mark Barrand Negligently Sold Annuity
Clients of Legacy Financial Services questioned Mark Barrand’s sales practices through bringing FINRA Arbitration #: 09-01904. First of all, the clients indicated that Barrand misrepresented critical details about a variable annuity. Secondly, the clients suggested that Barrand failed to comply with his fiduciary responsibilities, placing his interests ahead of theirs. Thirdly, the clients indicated that Barrand or Legacy Financial Services violated securities rules or regulations. For this reason, Legacy Financial Services opted to settle this matter by paying the clients $20,000.
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