Gregory Barr., a Boca Raton, Florida based broker formerly employed with Deutsche Bank Securities, Inc. (Deutsche Bank) and Raymond James & Associates, Inc. (Raymond James), submitted a letter of Acceptance, Waiver, and Consent in which he consented to, but did not admit to or deny, the Financial Industry Regulatory Authority’s (FINRA) findings that he entered discretionary trades in the accounts of four customers without the necessary prior written customer authorization.
FINRA found that while employed as a General Securities Representative with Deutsche Bank, Gregory Edward Barr exercised discretion in four of his customers’ accounts. He placed sell orders for the customers in the same stock. Although these customers had allegedly given Mr. Barr verbal authorization to sell their positions if the stock decreased in price, he allegedly failed to discuss the transactions with his customers on the day of the sell orders. FINRA further alleged Deutsche Bank had not approved the customers’ accounts for discretionary trading. Therefore, none of the accounts had been approved for the discretionary trades made by Mr. Barr.
Consequently, Gregory Barr was assessed a fine of $5,000 and was suspended from association with any FINRA member in any capacity for 10 days. The suspension was in effect from July 5, 2016 through July 18, 2016.
According to FINRA, Mr. Barr was recently discharged from Raymond James & Associates, Inc. for an alleged “violation of heightened supervision plan.” He currently has 5 customer disputes on his FINRA BrokerCheck report, including a pending case involving Deutsche Bank and allegations of damages between $100,000 and $500,000 for a complaint involving suitability, breach of fiduciary duty and negligence.
Stockbrokers, registered representatives, and other financial industry professionals have been known to engage in many types of misconduct which are in violation of industry rules and procedures. In order to protect customers from such misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of these rules requires supervisors to monitor employees to ensure compliance with federal and state securities laws, securities industry rules and regulations, as well as the brokerage firm’s own policies and procedures. If brokerage firms and/or their supervisors fail to establish and implement these protective supervisory rules, they may be held liable to account holders for losses which result from the employees’ misconduct. As a result, account holders who have suffered losses due to unauthorized transactions or other types of stockbroker misconduct can bring forth claims to recover damages against brokerage firms like Deutsche Bank and Raymond James, which have a duty to supervise its employees in order to prevent stockbroker misconduct.
Have you suffered losses in your Deutsche Bank or Raymond James account due to your stockbroker’s unauthorized trades, negligence or unsuitable recommendations? Was Gregory Barr your stockbroker? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is actively investigating Gregory Barr and accepting clients with valid claims against Deutsche Bank and/or Raymond James for failing to supervise their employee and possibly causing investment losses.
The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 40 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities, and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please post a comment, call (800) 732-2889, send Mr. Pearce an email at firstname.lastname@example.org, and/or visit our website at www.secatty.com for answers to any of your questions about this blog post and/or any related matter.