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Investors Allege John Barrett Failed to Act in Their Best Interest

John Barrett (CRD #: 1491194), a broker registered with Merrill Lynch, Pierce, Fenner & Smith, allegedly chose unsuitable investments for clients, according to his BrokerCheck record, accessed on May 16, 2023. If you have questions about his alleged conduct as a broker, read on.

Investor Dispute

In a pending dispute filed on April 5, 2023, several investors alleged that John Barrett failed to act in their best interest and made unsuitable investments in their accounts between June 2020 and January 2023. They seek $137,773 in damages.

FINRA Rule 2111 and Regulation Best Interest

FINRA Rule 2111 requires brokers to recommend securities that sufficiently suit an investor’s financial goals. Brokers must consult the investor’s profile, which describes their tax status, risk tolerance, and other information.

Regulation Best Interest (Reg-BI) is an SEC regulation that requires brokerage firms to put their clients’ best interests first. For example, firms must conduct reasonable due diligence when researching investments to ensure their recommendations are suitable for the investor.

Background Information

John Barrett 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 31 – Futures Managed Funds Examination
  • Series 7 – General Securities Representative Examination

John Barrett is a registered broker in 45 states and the District of Columbia. He is also a registered investment adviser in Colorado, New Jersey, New York, and Texas.

He has also worked for Bear, Stearns & Company (CRD#:79).

Kurta Law Can Help

If you worked with John Barrett and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and 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.