Mark Barrand Allegations of Investment-Related Misconduct
Table of Contents
A Financial Advisor Magazine (FA-mag.com) article in 2017 entitled Firm Does What FINRA Won’t: Rates 30 Worst Brokerage Firms, where the Securities Litigation & Consulting Group had performed an analysis finding that only 2.6% of brokers (at firms of more than 200 brokers) have any customer complaints. Mr. Barrand‘s FINRA Brokercheck reflects allegations that include recommendations of unsuitable securities, misrepresentation, negligence, and breach of fiduciary duty.
Ameriprise Financial
Ameriprise Financial Services is headquartered in Minneapolis, MN. and have approximately 10,000 financial advisors. According to BrokerCheck, they have 176 total disclosures, of which 78 are regulatory and 97 arbitration. Examples of the disclosures in FINRA BrokerCheck related to Ameriprise Financial include:
- 2018 $375,000.00 Monetary/Fine initiated by New Jersey Bureau of Securities involving the sale of Non-Traded Real Estate Investment Trusts “REITs” and Non-Traded Business Development Companies “BDCs”.
- 2018 $115,00.00 Cease and Desist/Injunction initiated by the State of California for the sale of the Non-Traded Real Estate Investment Trusts “Reits”.
- 2018 $4,500,000 Censure, Monetary Fine, Cease and Desist/Injunctioninitiated by the SEC for failing to setup procedures and polices to reasonably safeguard investors against and misappropriation and failure to supervise
Financial advisors must be properly supervised by firms like Ameriprise and Cetera. Brokerage firms owe a duty to investor clients to properly supervise and monitor their employees. Supervisory responsibilities on the part of the firms are a critical component of the securities regulatory scheme. Firms and supervisors cannot ignore red flags and they have responsibilities to detect and prevent improper activity.
As noted in NASD NTM 03-49, brokerage firm supervisory systems are a basic component of self-regulation within the securities industry. An effective brokerage firm supervisory system plays an essential role in the prevention of sales practice and other abuses and, thus, enhances investor protection and market integrity. It is essential that firms monitor the regulatory histories of their associated persons and establish additional measures to supervise the activities of those associated persons with greater potential of creating customer harm.
How Can Investors Recover Investment Losses?
The Ameriprise Financial firm continues to employ Mr. Mark Barrand and has done so now for several years in Lone Tree, CO., and this employment may have involved putting public investors at potential risk of unsuitable investment recommendations, misrepresentations and/or other improper securities sales practices.
Investors are encouraged to seek legal counsel. Experienced attorneys at Haselkorn & Thibaut, P.A. are available for a free consultation as a public service. Call today for more information at 1-800-856-3352 or visit our website and email us from there at www.investmentfraudlawyers.com.
About Haselkorn & Thibaut, P.A.
Haselkorn and Thibaut, P.A. is a premier nationwide law firm specializing in handling investment fraud and securities arbitration cases. The law firm has offices in Palm Beach, Florida, on Park Avenue in New York, as well as Phoenix, Arizona and Cary, North Carolina. The two founding partners have nearly 45 years of legal experience.
Haselkorn & Thibaut, P.A. has filed numerous (private arbitration) customer disputes with the Financial Industry Regulatory Association (FINRA) for customers who suffered investment losses relating to issues similar to those matters mentioned above. There are typically no depositions involved, and those cases are typically handled on contingency with no recovery, no fee terms.
