Were you the victim of former LPL Financial LLC broker Michael Barranco (CRD# 4825738) regarding unsuitable investment recommendations and selling away? He was registered with LPL Financial LLC in Montgomery, Alabama from 2007 to 2015, when he was terminated regarding “Solicited clients to invest in private securities transactions, in violation of Firm policy.”
In August 2016, FINRA suspended him for two years and sanctioned him to pay a $20,000 civil and administrative penalty and fine after he “consented to the sanctions and to the entry of findings that while registered with a member firm, he participated in private securities transactions with three different issuers without providing proper notice to his firm. The findings stated that all of these investments were made outside the firm and Barranco did not provide appropriate prior notice to his firm regarding his participation in these securities transactions.”
Michael Barranco Customer Complaints
Michael Barranco has been the subject of one customer complaint, according to his CRD report:
October 2021. “Claimants allege selling away, unsuitability, breach of fiduciary duties, fraud and/or negligence in connection with their investment in real estate. Activity period April 2013 to June 2017.” The customer is seeking $3,215,649.78 in damages and the case is currently pending.
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, LPL Financial LLC may be liable for investment or other losses suffered by Michael Barranco’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you 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.
"*" indicates required fields