David L. Barber, Formerly of Madison Avenue Securities, Allegedly Engaged in Unauthorized Trading and Exercised Discretion without Written Authorization
David Barber allegedly engaged in unauthorized trading and also allegedly exercised discretion in customer accounts without written authorization, according to recent Reports from FINRA under review by attorney Alan Rosca.
Attorney Rosca, of the RoscaLaw LLC firm, is investigating alleged unauthorized trading by David Barber. Investors who believe they may have lost money in activity related to David Barber’s alleged unauthorized trading are encouraged to contact attorney Alan Rosca with any useful information or for a free, no obligation discussion about their options.
Barber was reportedly fired by Madison Avenue Securities in January of 2018 after a client was awarded a $1.67 million arbitration settlement against him, FINRA notes. The FINRA panel allegedly issued a ruling finding Barber and Madison Avenue Securities liable for churning, unauthorized trading, unsuitable trading, breach of fiduciary duty and failure to supervise, FINRA notes.
Barber was registered with Madison Avenue Securities, LLC in San Diego, California from March 2015 to January 2018, FINRA notes.
David Barber Barred by FINRA after Arbitration Hearing; David Barber, a Repeat Offender, was a Reported No-show at Hearing on Outside Business Activities
Former broker David Barber has been barred by FINRA following his loss in a FINRA arbitration panel hearing, according to the aforementioned FINRA Reports under review by attorney Alan Rosca.
Barber, a reported no-show at the FINRA hearing regarding his outside deals, is also a repeat offender, FINRA notes.
For example, in February 2013, Barber allegedly acknowledged that he had borrowed $867,000 from three customers, FINRA notes. While Barber allegedly repaid his customers, his letter of acceptance, waiver and consent with FINRA also allegedly addressed his failure to disclose an outside business activity, FINRA states.
At that time, Barber was allegedly suspended in all capacities for four months and fined $25,000. FINRA began its most recent examination of his alleged unauthorized trading in 2017, FINRA notes.
Barber began his securities career in 1986 at Birr Wilson Securities and was affiliated with five firms before joining San Diego-based Madison Avenue Securities in 2015, FINRA states.
Securities Lawyer Investigating
The RoscaLaw firm represents investors who lose money as a result of investment-related fraud or misconduct and are currently investigating David Barber’s alleged unauthorized trading. The firm takes most cases of this type on a contingency fee basis and advance the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions, and has helped recover tens of millions of dollars on behalf of investors.
Investors who believe they have lost money as a result of David Barber’s alleged unauthorized trading may contact attorney Alan Rosca for a free no-obligation evaluation of their recovery options, at 888-998-0530, via email at email@example.com, or through the contact form on this webpage.