Edward Barrett Allegedly Recommended an Unsuitable REIT

Edward Barrett (CRD #: 820193), a previously registered broker with OneAmerica Securities, is the subject of an investor dispute. This disclosure appears on his BrokerCheck record, accessed on December 20, 2023. Keep reading if you have questions regarding his alleged conduct. 

On November 9, 2023, an investor alleged that Edward Barnett recommended a REIT that was inappropriate based on the nature of the product and the customer’s financial needs and objectives at the time the recommendation was made. The investor is seeking $50,000. 

What Are REITs?

Real estate investment trusts (REITs) allow investors to generate returns from a portfolio of real estate without being directly involved in property management. However, REITs tend to be illiquid, which makes them unsuitable for many investors. Non-traded REITs are especially risky because they are not traded on the public exchange, making them difficult or impossible to sell. Illiquid investments are often unsuitable and violate FINRA Rule 2111. 

Background Information 

Edward Barrett has passed the following exams: 

• Series 66 Uniform Combined State Law Examination 
• Series 65 Uniform Investment Adviser Law Examination 
• Series 63 Uniform Securities Agent State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 3 National Commodity Futures Examination 
• Series 5 Interest Rate Options Examination 
• PC – Amex Put and Call Exam 
• Series 7 General Securities Representative Examination 
• Series 26 Investment Company Products/Variable Contracts Principal Examination 

He has registered with the following companies: 

• OneAmerica Securities (CRD #: 4173) 
• CUNA Brokerage Services (CRD #: 13941) 
• Allied Beacon Partners (CRD #: 46227) 
• Community Bankers Securities (CRD #: 42794) 
• Jackson National Life Distributors (CRD #: 40178) 
• Waterford Investor Services (CRD #: 46227) 
• USAllianz Investor Services (CRD #: 612) 
• Directed Services (CRD #: 21675) 
• Delta Financial Distributors (CRD #: 36889) 
• ManEquity (CRD #: 5249) 
• Lehman Brothers (CRD #: 7506) 
• Prudential Bache Securities (CRD #: 7471)
• Dean Witter Reynolds (CRD #: 7556) 
• Paine, Webber, Jackson & Curtis (CRD #: 8174) 
• Paine Webber, Jackson & Curtis (CRD #: 640) 

Kurta Law Can Help 

If you have worked with Edward Barrett and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or info@kurtalawfirm.com 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.