Securities Lawyers Blog
According to BrokerCheck records financial advisor David Barber (Barber), formerly employed by Madison Avenue Securities, LLC (Madison Avenue) has been subject to five customer complaints, two regulatory actions, and one employment termination for cause. According to records kept by The Financial Industry Regulatory Authority (FINRA), most of a Barber customer complaints allege that Barber made unsuitable recommendations in equity securities.
In March 2018, FINRA sanctioned Barber and barred him from the industry. FINRA alleged that Barber failed to produce information and documents request by FINRA during the course of an ongoing examination to determine whether he engaged in unauthorized trading in the accounts of customers of his member firm, exercised discretion in customer accounts without written authorization, or otherwise acted in violation of FINRA rules.
In addition, in September 2011 Raymond James and Associates, Inc. (Raymond James) discharged Barber claiming that he was alleged to misappropriate funds from a client, engaged in outside business activities and selling away, and that the firm lost confidence in the broker.