Securities Broker Scott Michael Barber Involved In Disputes About Suitability Of REIT Transactions

The Financial Industry Regulatory Authority (“FINRA”) BrokerCheck shows that investors filed disputes in regard to securities broker Scott Michael Barber (CRD#: 4822754, DuBois, Pennsylvania). Here’s what clients have alleged against this broker, and what you could do if you sustained losses because of him.

Scott Barber’s Employment As Securities Broker, Financial Advisor

Evidently, Scott Barber has been a securities broker for five firms: Pruco Securities, Allegheny Investments, Cetera Advisor Networks (2007 to 2016), Investacorp Inc. (2016 to 2020) and Securities America Inc. (2020 to present). Also, he has been a financial advisor for Cetera Advisor Networks (2007 to 2016), Investacorp Advisory Services Inc. (2016 to 2020) and Securities America Advisors Inc. (2020 to present). Notably, investor disputes concern Barber’s actions at Cetera Advisor Networks and Investacorp.

Cetera Advisor Networks Client Indicates That Barber Sold Unsuitable Investments

Notably, a client of Cetera Advisor Networks disputed Scott Barber’s sales practices through an October 2020 FINRA Arbitration Claim. Mainly, the client contends that Barber sold unsuitable real estate securities. Basically, suitability concerns investment experience, risk tolerance, investment objectives, financial needs, and other things that bear on the appropriateness of investments.

This dispute also contains allegations of misrepresentation. Supposedly, the client sustained damages on unsuitable and misrepresented REITs. For this reason, they demanded $130,000 in damages in this ongoing matter.

Client Of Cetera Advisor Networks Alleges Unsuitability In Dispute About Scott Barber

It appears that a second Cetera Advisor Networks client took issue with Scott Barber’s sales practices. In this October 2020 complaint, they claimed that Barber had them invest in unsuitable securities. Supposedly, Barber caused the client to experience damages by investing in real estate securities, direct participation program (DPP) interests or limited partnership (LP) interests. Evidently, this matter is awaiting a resolution.

Investacorp Client Alleges Misrepresentation Relating To Barber’s Annuity Sales

Finally, a client of Investacorp brought an April 2019 dispute in regard to Scott Barber’s sale of a variable annuity. Principally, the client argued that Barber misrepresented the features on the annuity. Because of this, the client received $9,000 to settle this matter in April 2019.

Did You Experience Losses By Investing Through Barber?Lars Soreide AVVO 2020 Top Lawyer

Have you experienced losses because of Scott Barber? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced lawyers about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have suffered losses due to the misconduct of financial advisors and securities brokers. FINRA BrokerCheck indicates that Barber denies all allegations of his sales practice violations.