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Barry Malone Allegedly Sold a VUL Without Explanation

Barry Malone (CRD #: 2029746), a broker registered with LPL Financial, is involved in an investor dispute, according to his BrokerCheck record, accessed on May 24, 2022. Investors should review the details of this dispute, especially if they have any concerns regarding his conduct as a broker.

On February 15, 2022, an investor alleged that Barry Malone sold him a variable universal life insurance policy which he did not adequately explain. Allegedly, this resulted in a significant loss.

VULs are complicated investment products that often lose investors’ money. They are prone to lapse, at which point any tax benefits offered by the policy are nullified. Death benefits can also be reduced by outstanding loans. The dispute was denied by the firm, but investors can still recover their losses following a denial.

FINRA Rule 2020 prohibits brokers from misrepresenting investments or using any form of manipulation or deception to convince their customers to purchase an investment. Brokers should always explain any risks to investors’ funds.

Background Information

Barry Malone 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
  • Series 26 Investment Company Products/ Variable Contracts Principal Examination

He is a registered broker in 13 states and is a registered investment adviser in Alabama, Louisiana, and Texas.

Barry Malone has worked for the following firms:

  • LPL Financial (CRD #: 6413)
  • Level Four Advisory Services (CRD #: 134086)
  • Lincoln Financial Securities Corporation (CRD #: 3870)
  • 1717 Capital Management Company (CRD #: 4082)
  • Washington Square Securities (CRD #: 2882)
  • Fortis Investors (CRD #: 421)

Kurta Law Can Help

If you worked with Barry Malone and have concerns about your investments, please contact us today at 877-600-0098 or for a free consultation.

For nearly 20 years, Kurta Law has advocated on behalf of investors recovering their investment losses from stockbrokers and brokerage firms. Kurta Law is a nationally recognized law firm that exclusively represents investors. We work on a contingency basis, which means that the firm only earns a fee if our securities attorneys recover money on your behalf. Reach out and we can tell you what steps to take to restore your lost funds.