February 2017-The Woodlands, TX and Fincastle, VA
According to publicly available records Erryn Michael Barkett , (CRD# 4102279) , a stockbroker who is employed by LPL Financial, disclose that he was sanctioned by the Virginia State Corporation Commission who alleged that he sold unsuitable and unregistered securities and omitted material information in the sale of those securities causing investors to lose $330,000.
Barkett was ordered to pay restitution of $15,000.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
Public records disclose that Barkett’s prior employer NEXT Financial Group paid over $310,000 to settle the claims of four customers who alleged that Barkett sold them fraudulent unregistered products involving structure military pension investments.
In pending FINRA Case 17-0132 a customer of NEXT Financial Group is seeking damages of $310,000 and alleges that between 2009 and 2013 Barkett recommended that they invest in various fraudulent companies and recommended nearly $650,000 in illiquid and poor performing alternative investments, REITs and annuities.
If you have questions about an account in an account handled by Erryn Michael Barkett, contact us to discuss your legal options.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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