There are options for clients of Royal Alliance Associates, Inc. broker Les Barber Jr. (CRD# 1256348) who suffered investment losses. Barber has been registered with Royal Alliance Associates, Inc. in South Jordan, Utah since 2013.
Barber has been the subject of three customer complaints between 2015 and 2020, one of which was denied, according to his CRD report:
- December 2020. “Claimant alleges private placement recommendations were not suitable.” The customer is seeking $237,000 in damages and the case is currently pending. The complaint was regarding direct investments and took place while Barber was registered with Royal Alliance Associates.
- November 2015. “Claimant alleges the investments sold to him beginning in June 2008 through October 2009 were to be safe, fixed income investments for his retirement in accordance with his needs and financial objectives but instead all of his retirement savings were put into highly risky and illiquid investments.” The customer sought $325,000 in damages and the case was settled for $172,500. The complaint took place while Barber was registered with Lincoln Financial Advisors and was regarding equipment leasing and real estate securities.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Royal Alliance Associates, Inc. may be liable for investment or other losses suffered by Barber’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.