After reportedly being under SEC’s radar since March 2020, Ross Barish, a registered broker based in Mineola, New York, is the subject of a pending civil action instituted against him by the United States Securities and Exchange Commission (SEC) on the allegation of fraud and unauthorized trading among others, according to an investigation by lawyer Alan Rosca.
Investment fraud lawyer Alan Rosca of Rosca Scarlato LLC law firm is investigating conduct related to the pending civil action instituted against Ross Adam Barish by the SEC on the allegation of fraud and unauthorized trading among others.
Broker Ross Barish is currently registered with Joseph Stone Capital LLC, a Financial Industry Regulatory Authority (FINRA) member firm. He has been registered with the firm since February 2013 and he was in the employment of the firm when he carried out the alleged acts leading to the pending civil action.
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Ross Barish Is the Defendant in a Pending Civil Action Instituted by SEC
Publicly available information reviewed by the investment fraud lawyer Alan Rosca indicates that Ross Adam Barish is the defendant to a civil action instituted by the SEC on August 13, 2020 as reported on his FINRA brokercheck page.
The pending civil action was instituted before the United States District Court of Southern District of New York as seen on the Complaint. According to the complaint, broker Ross Barish allegedly defrauded about sixteen customers by executing a high cost pattern of trading that led to the loss of over $800,000 by the customers. It was also alleged that despite the losses incurred by the customers, Barish enriched himself by generating over $400,000 in commissions for himself.
In addition, according to the complaint, that Ross A. Barish made misrepresentations about his expertise to the clients. He was alleged to have described himself as an experienced broker to the customers, while all he allegedly did was to buy and sell stocks after a brief holding period. Broker Ross Barish allegedly defrauded these sixteen customers between the period of 2013 and July 2019.
As reported in the complaint, Barish allegedly had no reasonable basis for the investment recommendations he made to the customers. He allegedly made those investments, which were not deemed suitable for anyone, without considering the financial needs, investment objectives and circumstances of the customers.
It was further alleged that Ross Adam Barish made material misrepresentation to and omitted material information from the clients. Barish was also alleged to have participated in unauthorized trades by executing the transactions without the prior approval of the customers.
Owing from these allegations, the SEC is alleging that Ross Barish has violated Section 17(a) of the Securities Act of 1933 (the “Securities Act”) Section 10(b) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5. It should be noted that the action is still pending before the court.
Ross Barish Has Previously Settled Customer Disputes
Also disclosed on Ross Barish’ brokercheck page are reports of previously settled customer disputes. The most recently settled customer dispute was filed in April 2017. In this dispute the client alleged that Ross Adam Barish engaged in excessive trading, breach of fiduciary duty, unsuitability of investments and breach of contracts. The client initially requested $48,000 in damages but the dispute was settled for $14,900.
The second settled customer dispute was settled in February 2017. The client made similar allegations of unsuitable transactions, churning and excessive trading by Ross Barish. The client sought to recover $50,000 from this dispute but the dispute was settled for $14,900.
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.
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Investment Fraud Lawyers Investigating
The investment fraud lawyers of the Rosca Scarlato LLC law firm advise and represent investors who are victims of broker or investment-related fraud and other misconducts and are currently investigating conduct related to Ross Barish’s pending civil action instituted by the SEC on the allegation of fraud and unauthorized trading among others.
The firm takes most cases of this type 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, 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.
Investors who believe they lost money as a result of conducts related to Ross Barish’s pending civil action instituted by the SEC on the allegation of fraud and unauthorized trading among others, may contact attorney Alan Rosca for a free, no-obligation evaluation of their recovery options, at arosca@rscounsel.law, or through the contact form on this webpage.
