Samuel Barber Allegedly Recommended an Unsuitable Alternative Investment

Samuel Barber (CRD #: 4750380), a broker registered with Lifemark Securities Corp., is the subject of an investor dispute. This is according to his BrokerCheck record, accessed on July 22, 2024. Keep reading if you have questions regarding this alleged conduct. 

Investor Allegations 

On May 28, 2024, an investor alleged that Samuel Barner recommended an unsuitable alternative investment product. The issuer has since filed for Chapter 11 bankruptcy. The investor is alleging he made a material misrepresentation, engaged in negligence, and recommended an unsuitable investment. Alternative products are often unsuitable because they are high-risk. The investor is seeking $80,000. 

Employment Separation After Allegations 

On March 27, 2024, MML Investors fired Samuel Barber in connection with a customer complaint alleging the misrepresentation of a traditional insurance product. 

Misrepresentation 

FINRA Rule 2020 forbids the use of deceptive, manipulative, and otherwise fraudulent methods to influence the purchase and sale of securities. The misrepresentation or omission of material facts violates this rule.

FINRA Rule 2111 – Unsuitable Investments 

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. Investor profiles have information on the investor’s age, risk tolerance, tax status, investing experience, and financial goals. Investments that do not take these factors into account may be unsuitable. 

Negligence

Many types of broker misconduct may qualify as negligence. Typical examples include unsuitable investment recommendations, misrepresentations or omissions of material fact, and failure to follow instructions.

Investors who believe their losses are the result of broker negligence may be able to recover their funds through FINRA arbitration.

Background Information 

Samuel Barber 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 

He is a registered broker in six states and is a registered investment adviser in six states. 

During his 19 years of experience, he has registered with five firms: 

• Lifemark Securities (CRD #: 16204) 
• MML Investors Services (CRD #: 10409) 
• AXA Advisors (CRD #: 6627) 
• AXA Distributors (CRD #: 25900) 
• Northwestern Mutual Investment Services (CRD #: 2881) 

Kurta Law Can Help 

If you have worked with Samuel Barber and have concerns about your investments, do not hesitate to contact us at 877-600-0098 or email 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.