Investor Alleges Les Barber’s Unsuitable Recommendation Led to $1,000,000 Loss

Les Barber (CRD #: 1256348), a broker registered with Royal Alliance Associates, is involved in a million-dollar investor dispute, according to his BrokerCheck record, accessed on July 21, 2021. Barber may also offer advisory services through Integrated Financial. This is not Barber’s first investor dispute.

On June 10, 2021, an investor alleged that Les Barber recommended an unsuitable investment. In their complaint, the investor is seeking $1,000,000; the dispute is pending.

There are other allegations of unsuitable investment recommendations on Barber’s record. On December 30, 2020, an investor alleged that Les Barber recommended an unsuitable security. The investor is seeking $237,000; the dispute is pending.

On June 7, 2020, an investor alleged that Les Barber recommended an unsuitable and illiquid Real Estate Investment Trust (REIT) and unsuitable private investments. The investor’s dispute was denied by the firm, but denials do not indicate FINRA has reviewed the dispute. Denials simply mean the firm denied their representative engaged in misconduct.

On November 2, 2015, an investor alleged that Barber recommended risky, illiquid investments for his retirement portfolio. The investor further alleged that he indicated he wanted safe, fixed-income investments. The investor sought $325,000; the dispute settled for $172,500.

Termination: Lincoln Financial Advisors Corporation

On February 21, 2013, Lincoln Financial Advisors Corporation fired Les Barber following allegations that Barber violated firm policy regarding communications with the public. These communications included soliciting investments in private placements.

Les Barber Background Information

Barber has passed the following exams:

• Series 66 Uniform Combined State Law Examination
• Series 63 Uniform Securities Agent State Law Examination
• Securities Industry Essentials Examination
• Series 7 General Securities Representative Examination

He is a registered broker in 13 states and a registered investment adviser in 7 states.

Barber has worked for the following firms:

• Royal Alliance Associates (CRD #: 23131)
• Lincoln Financial Advisors Corporation (CRD #: 3978)
• The Lincoln National Life Insurance Company (CRD #: 2580)

Kurta Law Can Help

If you worked with Les Barber and you have concerns about your investments, contact Kurta Law today. Call 212-658-1502 or email jkurta@kurtalawfirm.com.