Former Cetera Advisors LLC Broker Mark Barrand Investment Loss Options
Posted on Monday, May 24th, 2021 at 7:56 pm
Erez Law is currently investigating former Cetera Advisors LLC broker Mark Barrand (CRD# 4586528) regarding customer investment losses. Barrand has been registered with Ameriprise Financial Services, LLC in Denver, Colorado since 2016. Previously, Barrand was registered with Cetera Advisors LLC in Highlands Ranch, Colorado from 2004 to 2016.
Barrand has been the subject of nine customer complaints between 2008 and 2021, two of which were denied and one was closed without action, according to his CRD report:
February 2021. “Claimant alleges her advisor recommended she invest in Business Development Corporation of America (“BDCA”) while at Cetera and the BDCA was illiquid and unsuitable for her. Furthermore, she alleges she didn’t receive adequate disclosures about the product. Claimant also alleges that she requested a redemption in January 2018 and that it was not executed in time causing a further decline in the value of her account.” The customer is seeking $25,000 in damages and the case is currently pending. The complaint was regarding business development companies (BDCs) and took place while Barrand was registered with Cetera Advisors LLC.
February 2021. “Claimants allege that they were recommended unsuitable, high-commission, illiquid alternative investments including FSKR, FS Global Credit, BDCA, and Northstar.” The customer is seeking $125,000 in damages and the case is currently pending. The complaint took place while Barrand was registered with Cetera Advisors LLC and was regarding real estate securities and BDCs.
September 2020. “Customer alleges unsuitable investment recommendations.” The customer is seeking $150,000 in damages and the case is currently pending.
January 2020. “Claimant alleges that Respondents recommended unsuitable investments, to include Oppenheimer Steelpath MLP Alpha Plus Fund and Northstar Healthcare (a non-traded REIT investment) and seeks $65,000.” The customer is seeking $65,000 in damages and the case was settled for $14,000. The complaint was regarding direct investments, LP interests, and mutual funds.
February 2019. “Failed to perform due diligence, unsuitable investment, fraud, Breach of Fiduciary Duty, and Negligence.” The customer sought $100,000 in damages and the case was settled for $22,500. The complaint took place while Barrand was registered with Cetera Advisors LLC and was regarding direct investments.
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, Cetera Advisors LLC may be liable for investment or other losses suffered by Barrand’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.