Michael Barranco and LPL Financial
Have you lost money with financial advisor Michael Barranco of Mobile, Alabama? We are investigating allegations made by FINRA, the Financial Industry Regulatory Authority, against Michael J. Barranco. FINRA suspended Michael Barranco from the securities industry for two years regarding allegations that he sold private investments without permission from his firm, LPL Financial.
FINRA alleged that from 2010 to 2015, Michael Barranco sold notes issued by a company identified as “TMG” to at least 35 customers, totaling over $2 million. It was alleged that Barranco received permission from LPL Financial to act as a consultant for TMG, but that he exceeded the scope of that permission when he sold the notes of TMG. It was also alleged that some of the customers who invested in TMG held these notes in their LPL accounts.
FINRA also alleged that Michael Barranco also sold two notes totaling $750,000 of a company identified as “IBH”, which was allegedly involved in purchasing distressed real estate. To settle these allegations, Barranco agreed to a two-year suspension and agreed to pay a $20,000 fine.
Michael Barranco was a financial advisor and registered representative of LPL Financial from April 2007 to December 2015. He worked at a branch office in Mobile, Alabama. Barranco has also affiliated with a company called McDonald Barranco & Hagen Wealth Management. Barranco was terminated from LPL for this alleged conduct.
Brokerage firms like LPL Financial have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado and the Seattle area. We represent investors in FINRA arbitration proceedings in all 50 states, including over a dozen investors that we have previously represented in Alabama. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including LPL Financial, Merrill Lynch, Morgan Stanley, Smith Barney, Stifel Nicolaus & Company, UBS Financial Services, Oppenheimer, Charles Schwab, Wells Fargo Advisors, Ameriprise Financial Services, Raymond James, ProEquities, Securities America, National Securities Corp., and many others.
Click to view: Barranco, Michael FINRA AWC
Click to view: Barranco, Michael BrokerCheck 8.2.16
HAVE YOU LOST MONEY WITH MICHAEL BARRANCO OR LPL FINANCIAL?
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Our office handles all of our arbitration cases on a contingent fee basis, meaning you do not pay unless we recover money for you.
Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.