Securities Broker Robert Barnard Is Barred By FINRA And Is Facing Disputes From Principal Securities Clients
Soreide Law Group comes to you with important information regarding securities broker and financial advisor Robert Barnard (CRD#: 5504882, Las Cruces, New Mexico). Notably, the Financial Industry Regulatory Authority (FINRA) barred Barnard to settle allegations that he violated FINRA rules while under investigation. The regulatory action stems from a client dispute dated April 19, 2019, where Barnard faced accusations of selling a client outside investments and borrowing money from them.
FINRA Bars Robert Barnard For Refusing To Cooperate In Investigation
Because of the accusations against Robert Barnard, FINRA investigated him. And on September 30, 2019, FINRA issued a regulatory decision which barred Barnard from acting as a securities broker or otherwise associating with a FINRA-member securities firm. While Barnard did not admit or deny FINRA’s findings, he did ultimately consent to the sanction. FINRA asked him to testify concerning the allegations against him, but he refused. He violated the financial industry watchdog’s rules by refusing to submit to its investigation requests. This bar is effective as of September 30, 2020. The duration of the bar is indefinite.
Principal Securities Terminates Barnard In Connection With Client Dispute
Evidently, on August 23, 2018, Principal Securities discharged Robert Barnard as securities broker for allegedly having inappropriate financial dealings with a client of the firm.
FINRA BrokerCheck shows that a representative of the client filed a complaint about Robert Barnard in July 2018. Supposedly, the client sustained damages on Barnard’s stock and mutual fund transactions. Evidently, Principal Securities opted to settle this matter through making a $116,096 payment to the client.
Principal Securities Client Alleges Breach Of Fiduciary Duty
Evidently, a client of Principal Securities filed a dispute about Robert Barnard in January 2018. Basically, the client alleged that Barnard breached a fiduciary duty concerning an insurance product. Because of this, Principal Securities opted to settle and paid the client $75,000 in February 2020.
Did You Face Financial Harm Because Of Robert Barnard?
Did securities broker Robert Barnard cause you to suffer losses? If so, call Soreide Law Group at (888) 760-6552 and speak with a skilled securities lawyer regarding a possible recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has helped many United States investors recover compensation when they have incurred losses by their financial advisors and securities brokers. Please note that Barnard denies all allegations of his sales practice violations.