FINRA Suspends Robert Barberis
Robert Barberis (CRD #: 1772762), a broker registered with Wells Fargo Clearing Services, has been suspended by FINRA, according to his BrokerCheck record, accessed on November 6, 2022. Read on to learn more about his conduct as a broker.
Suspension by FINRA
On October 6, 2022, Robert Barberis submitted to the entry of findings that he allegedly caused Morgan Stanley to maintain inaccurate books and records by altering the representative code for certain trades.
From February 2014 through January 2018, Robert Barberis allegedly placed 157 trades in relevant client accounts using his personal representative code. The AWC further alleges that Morgan Stanley’s internal system prepopulated the trades with the correct code and that he altered this code for each trade.
Robert Barberis allegedly acted negligently by failing to verify whether these transactions were subject to his agreement. The AWC alleges that he received a higher percentage of commissions than he was entitled to under his agreement.
The AWC concluded that, by allegedly causing his firm to maintain inaccurate trade confirmations, Robert Barberis violated FINRA Rules 4511 and 2010.
FINRA Rules 4511 and 2010
FINRA Rule 4511 requires firms to maintain accurate books and records.
FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.
Sanctions
Robert Barberis consented to the following sanctions:
- $2,500 fine
- One-month suspension
His suspension will begin on November 7, 2022, and end on December 6, 2022.
You can read a copy of the AWC here.
Resignation from Morgan Stanley Smith Barney
On May 6, 2021, Robert Barberis resigned from Morgan Stanley following allegations that he submitted transactions under production numbers inconsistent with an agreement he had made with another representative, resulting in a shortfall of revenue being credited to the other representative.
Background Information
Robert Barberis 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 3 – National Commodity Futures Examination
- Series 7 – General Securities Representative Examination
- Series 10 – General Securities Sales Supervisor – General Module Examination
- Series 9 – General Securities Sales Supervisor – Options Module Examination
Robert Barberis is a registered broker in 22 states, the District of Columbia, and Puerto Rico. He is also a registered investment adviser in New York and Texas.
He has also worked for the following firms:
- Morgan Stanley (CRD#:149777)
- Citigroup Global Markets (CRD#:7059)
- Lehman Brothers (CRD#:7506)
- Blinder, Robinson & Company (CRD#:5096)
Kurta Law Can Help
If you worked with Robert Barberis 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.
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