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Abraham Barrera is Facing Allegations of Misrepresentation and Omission

Abraham Barrera, a broker registered with Wealth Enhancement Brokerage Services, is the subject of an investor dispute, according to his BrokerCheck record, accessed on December 1, 2023. Details regarding the dispute are provided below. 

On September 26, 2023, an investor alleged that Abraham Barrera engaged in sales practice violations including a breach of fiduciary duty, misrepresentation, and a failure to disclose. The disclosure alleges that Abraham Barrera was the selling agent on the variable annuity contracts at issue. 

The investor is seeking $75,000. 

What is a Variable Annuity? 

Variable annuities are complex investments. They are insurance products that come with an investment component. The associated fees, surrender charges, and potential tax liability can negate any supposed benefits they offer. Furthermore, the risk associated with this type of illiquid investment makes it unsuitable for many investors. 

FINRA Rule 2020 – Misrepresentation

FINRA Rule 2020 prohibits the misrepresentation of investments and omission of material facts. Material facts include information about an investment’s potential returns, as well as charges, expenses, and fees. Variable annuities are complex investments, making it essential for brokers to carefully explain their possible disadvantages. 

Background Information 

Abraham Barrera has passed the following exams: 

  • Series 65 Uniform Investment Adviser Law Examination 
  • Series 63 Uniform Securities Agent State Law Examination 
  • SIE – Securities Industry Essentials Examination 
  • Series 7 General Securities Representative Examination 
  • Series 6 Investment Company Products / Variable Contracts Representative Examination 

He is a registered broker and investment adviser in Texas. 

During his 13 years of experience, Abraham Barrera has registered with the following seven firms: 

  • Wealth Enhancement Brokerage Services (CRD #: 130139) 
  • Wealth Enhancement Advisory Services (CRD #: 116407) 
  • LPL Financial (CRD #: 6413) 
  • BBVA Wealth Solutions (CRD #: 110476) 
  • BBVA Securities (CRD #: 27060) 
  • BBVA Compass Investment Solutions (CRD #: 17086) 
  • Chase Investment Services (CRD #: 25574) 

Kurta Law Can Help 

If you have worked with Abraham Barrera and have concerns about your investments, don’t hesitate to contact us today at 877-600-0098 or for a free consultation. 

For nearly 20 years, Kurta Law has advocated for investors to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf. Do not let securities fraud go unchecked. Start your recovery process today.