Robert Barnard investigation by attorney Alan Rosca reveals that former Las Cruces, NM, Principal Securities registered broker and investment advisor was barred by the Financial Industry Regulatory Authority (FINRA), after he allegedly refused to appear for on-the-record testimony requested by FINRA during its investigation into alleged inappropriate personal financial dealings with clients.
Investor rights attorney Alan Rosca of the Rosca Scarlato LLC law firm is investigating the allegations of inappropriate personal financial dealings with clients against former broker Robert Barnard and would like to discuss with Barnard’s customers who believe they’ve suffered losses. Customers that believe they have been a victim of Barnard’s alleged inappropriate financial dealings should reach out to an investors right attorney for a free case evaluation of their recovery options.
Robert Barnard Barred Indefinitely by FINRA in All Capacities
In September 2020, FINRA barred Robert Barnard from associating with any FINRA member firm in all capacities, according to the FINRA Letter of Acceptance, Waiver and Consent (AWC). Barnard’s former employer Principal Securities allegedly submitted a Form U5 against him to FINRA which started the investigation.
The Form U5 contained disclosures from the firm about the circumstances surrounding his termination. He was allegedly terminated due to an arbitration filed by an investor against Principal Securities. Said customer allegedly claimed that as an employee of Principal, Barnard sold outside investments and borrowed money from a client, according to the AWC.
During the Robert Barnard investigation, FINRA staff requested Barnard to appear for on-the-record testimony in connection to the investigation. He acknowledges he received the request, and he will not appear for the on-the-record testimony at any time, according to the AWC.
Without admittance or denial the findings of selling outside investments and borrowing money from clients, ex Principal Securities broker Robert Barnard signed the Acceptance, Waiver and Consent order, which corresponded with his indefinite bar in all capacities.
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Multiple Customer Dispute Disclosures Involving Robert Barnard
In April 2019, a customer filed a dispute involving Robert Barnard alleging he sold her outside investments and borrowed money from her and her late husband, according to his FINRA Brokercheck page. The customer alleged $250,000 in damages and the dispute settled for $15,000 in April 2020. Reportedly, this dispute is in connection to Robert Barnard’s investigation started by FINRA in September 2020 which led to his termination and bar in any capacity.
In July 2018, another customer filed a dispute alleging Barnard conducted inappropriate personal financial dealings. Although the customer did not allege a dollar amount for damages, the dispute settled for $116,096.27 in September 2019, according to his Brokercheck page.
Another early 2018 customer dispute alleging breach of fiduciary duty settled for $75,000 in February 2020.
An earlier customer dispute filed in 2014, settled for $2,569.57 in February 2015.The customer questioned the alleged transfer of funds from her deceased husband’s account to hers.
Investors who believe their money was lost as a result of Robert Barnard’s alleged misconduct are encouraged to reach out to an broker misconduct attorney at Rosca Scarlato LLC law firm for a free case evaluation. Call 888-998-0530, email at arosca@rscounsel.law, or complete the contact form on this webpage to discuss recovery options.
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Robert Barnard Was Employed With Principal Securities for 10 Years
Barnard entered the securities industry in March 2008 as a General Securities Representative with Principal Securities, Inc. in Las Cruces, New Mexico. He was employed with Principal for about 10 years until he was discharged in August 2018 for alleged inappropriate personal financial dealings with clients, according to this Brokercheck page.
Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints or allegations mentioned in this article, unless otherwise indicated. Any reader should also read the original sources hyperlinked in this blog for accuracy, including any BrokerCheck report and/or record of any disciplinary or regulatory action. Those sources are incorporated by reference into the text of this blog, and are the governing materials in case of any inconsistencies or typos in this blog.
Lost Money With Robert Barnard’s Alleged Inappropriate Personal Financial Dealings?
The investor rights attorneys at Rosca Scarlato law firm have extensive experience in representing the interest of investors who suffered losses as a result of broker misconduct and investment-related fraud and we are currently investigating former broker Robert Barnard’s alleged inappropriate personal financial dealings with clients.
The firm takes most cases on a contingency fee basis and advances the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, an investors loss attorney and adjunct professor of securities regulation, has represented numerous victimized investors across the country and around the world in cases ranging from arbitrations to class actions.
Investors who believe they’ve suffered losses at a result of Barnard’s alleged inappropriate financial dealings and other alleged misconduct may contact attorney Alan Rosca for a free, no-obligation evaluation of their recovery options, by calling 888-998-0530, email at arosca@rscounsel.law, or fill out the contact form on this page.