Columbia, Maryland’s established financial advisor, Matt Barr (CRD# 5224488), erstwhile captain of many economic vessels, has allegedly been steering off course. An investor complaint recently surfaced, suggesting that Barr’s navigation within the financial seascape was performed without the map holder’s consent – a notable infraction within the financial industry. Observations from the Financial Industry Regulatory Authority (FINRA) records indicate that Barr is a dual-service provider – serving as a broker and an investment advisor under the auspices of Merrill Lynch, having previously levied his skills at NYLife Securities.
An anomaly in Barr’s otherwise pristine BrokerCheck portfolio – a single investor complaint, has cast a shadow over his capabilities. Dated to May 2023, it puts him in the dock, claiming that Barr allegedly participated in unauthorized trading maneuvers in a managed account during his tenure at Merrill Lynch. Questions arise – was the customer kept in the dark during these suspect dealings? Was the trust vested in him exploited? The pending complaint, looking for answers, puts the alleged damage to the tune of $100,000, a substantial amount that dwarfs into insignificance the trust breached.
For those unfamiliar, FINRA Rule 3260 details the acceptable parameters within which financial partners such as Barr can operate. In layman’s terms, it dictates the conditions that permit brokers to execute securities transactions without pre-discussions with the customer. This discretionary trading, akin to a locomotive driver deciding the speed and course of a train without conferring with the passengers, is a tricky area.
In essence, it gives the broker a free hand to decide which stock or bonds to buy or sell, at what volume, and the price point, sans customer input. However, this license to drive is not without its chains – rule 3260 firmly states that brokers cannot employ such autonomous power without the customer’s prior signed authorization and their firm’s green light for discretionary trading. If unauthorized trades are indeed executed, the representatives might be liable for damages – yet another hornet’s nest for Barr.
Where does this leave Mr. Barr? His credibility, backed by 14 years of experience in the securities industry, now comes under the scanner. Based in Columbia, Maryland, Barr climbed aboard the Merrill Lynch ship in 2009, serving as a broker and an investment advisor.
His career passport also bears the stamps of past registrations at NYLife Securities (Edison, New Jersey; 2007) and Liberty Partners Financial Services (Fort Lauderdale, Florida; 2006). His resume boasts the successful completion of three securities industry tests – the General Securities Representative Examination (Series 7), the Securities Industry Essentials Examination (SIE), and the Uniform Combined State Law Examination (Series 66). He also holds licenses in 31 states. (Details accurate as of July 8, 2023.)
For investors who find themselves lost in the volatile sea of investment losses, consider reaching out to Haselkorn & Thibaut. Representing innumerable investors across the United States in disputes with financial advisors and investment firms, the law firm could well be the beacon guiding you to safer shores. You can reach our experienced investment fraud lawyers at 1-800-856-3352 for a free, confidential consultation.
