FINRA announced in November 2013 that former broker Michael Anthony Barina of Longwood Florida, submitted a Letter of Acceptance, Waiver and Consent in which he was fined d$12,500 and suspended for three months. The findings indicate that Barina recommended to customers an investment in private placement pool, when he did not have a complete and sufficient understanding of the investment strategy. The investment strategy and parameters permitted it to invest up to 25% of its assets in a single security and permitted option trading.
Barina lacked a reasonable basis to believe that the entity was a suitable investment for customers, making the recommendation unsuitable.
According to FINRA records, Barina is not currently registered and was previously registered with the following broker dealers:
- Merrimac Corporate Securities5/2013-10/2013
- Aegis Capital Corp. 11/2011-5/2013
- Coker & Palmer11/2009-11/2011
Brokers have a duty to make suitable recommendations and are required to take into account the age, health and financial sophistication of their customers. If you have suffered losses in your brokerage account and feel the investments were unsuitable, call to discuss your legal rights with an experienced securities attorney.
Rex Securities Law , located in Boca Raton, FL, 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.
561 391 1900