Publicly available records published by the Financial Industry Regulatory Authority (FINRA) and accessed on August 7, 2018 indicate that former California-based Madison Avenue Securities broker David Barber, who was received resolved or pending customer disputes, was recently sanctioned by FINRA in connection to alleged rule violations and barred from acting as a broker or otherwise associating with a broker-dealer firm. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Barber (CRD# 1165082).
David Barber has spent 31 years in the securities industry and was most recently registered with Madison Avenue Securities in San Diego, California (2015-2018). Previous registrations include First Midwest Securities in Newport Beach, California (2011-2015); Raymond James & Associates in Newport Beach, California (2007-2011); RBC Dain Rauscher in Newport Beach, California (2002-2007); Sutro & Company in San Francisco, California (1999-2002); Crowell Weedon & Company in Los Angeles, California (1987-1994); and Birr Wilson Securities (1986-1987). He has passed two securities industry examinations: Series 63 (Uniform Securities Agent State Law Examination), which he obtained on May 1, 1995, and Series 7 (General Securities Representative Examination), which he obtained on July 19, 1986. He is currently not registered with any state or firm.
According to his BrokerCheck report, he has received one customer complaint, two regulatory sanctions and two pending customer complaints.
In July 2018 a customer alleged David Barber, while employed at Madison Avenue Securities, recommended securities that suffered losses. The customer is seeking $430,000 in damages in the pending complaint.
In April 2018 a customer alleged David Barber, while employed at Madison Avenue Securities and First Midwest Securities, breached his fiduciary duty, and committed fraud. The customer is seeking $900,000 in damages in the pending complaint.
In March 2018 FINRA sanctioned him following allegations he failed to produce requested documents and information in connection to an investigation “to determine whether he engaged in unauthorized trading in the accounts of customers of his member firm, exercised discretion in customer accounts without written authorization, or otherwise acted in violation of FINRA rules.” He was barred from acting as a broker or otherwise associating with a broker-dealer firm.
In May 2016 a customer alleged David Barber, while employed at Madison Avenue Securities, engaged in excessive trading, executed unauthorized trades, breached his fiduciary duty, failed in his supervisory duties, and recommended unsuitable investments. The complaint resulted in an award to the customer of more than $2,186,000.
In 2013 FINRA sanctioned him following allegations he took improper loans from customers who were his personal friends, then concealed the loans, which he used to pay personal expenses, from his member firm. He was suspended for four months and issued a fine of $25,000.
If you or someone you know has lost money investing with David Barber, call Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup your losses. Fitapelli Kurta accepts all cases on a contingency basis: we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.