Mark Barrand (Ameriprise Financial) Complaint Filed “FINRA”

Mark Barrand (Ameriprise Financial) Complaint Filed

Haselkorn & Thibaut, P.A., a national investor law firm, is investigating claims of unsuitable investment recommendations against Mark Barrand who is an investment advisor with Ameriprise Financial.  Former clients have made allegations that Barrand misrepresented investments and did follow suitability standards for clients.

Mark Allen Barrand, the broker at the center of these disputes, is currently an Ameriprise Financial broker and based in Denver. He had moved recently from Cetera Advisors to Ameriprise. In fact, the most recent claim on his BrokerCheck record, filed in February 2021, pertains to the time he was working with Cetera.

Other firms he has been associated with over his 14 years in the industry include Legacy Advisor Services and Legacy Financial Services.

Unsuitable recommendations can lead to losses for investors who may be unfamiliar with the investment or not well placed to manage the risks arising out of it. The unsuitability is determined based on an evaluation of the strategy in place for the investor, her risk profile, and investment objectives.

Mark Barrand Complaints

A list of disputes filed against Barrand reflecting on his BrokerCheck record are summarized below for ease of reference:

October 2008 The dispute alleged misrepresentation but was closed due to no action.
January 2010 The investor fraud claim alleged misrepresentation, securities law violations, negligence and breach of fiduciary duty. A settlement was reached for $20K. This pertains to the period Barrand was a broker with Legacy.
January 2018 The claim alleged misrepresentation in case of variable annuities and investment trusts. The claim was denied.
February 2018 Another unsuitable investment recommendation claim that was denied.
February 2019 Allegations pertained to fraud, due diligence failures, unsuitability and breach of fiduciary duty. A settlement was reached for $22,500.
January 2020 Claim was made alleging unsuitable recommendation of NorthStar Healthcare Income REIT and Oppenheimer SteelPath MLP Alpha Plus Fund. Settlement reached for $14K.
September 2020 This case of unsuitable investment is open. The claim is for $150K in damages.
February 2021 Allegations levelled against Barrand are of recommending unsuitable illiquid alternative investments. In addition, high commissions charged is also alleged. Damages sought are $125K. Investments in question are BDCA, FS Global Credit, FSKR and NorthStar
February 2021 $25K sought in damages based on allegations of unsuitable investment recommendations. The recommendation was for Business Development Corporation of America and made while Barrand was still a Cetera Advisors broker. The investor claims her losses increased on account of the delay in honoring her request for redemption in January 2018.

Recommendation for impacted investors

Unsuitability is one of the most common reasons cited in investor claims seeking damages. Pursuing damages in case of unsuitable recommendations can be a complex and time-consuming affair. It is best done with support from legal experts, well versed in the process of pursuing such a claim.

Haselkorn & Thibuat have over 50 years of experience and specialize in fighting for investors. During this period, they have helped investors file claims against financial advisors and recovered millions of dollars.

We have filed Financial Industry Regulatory Authority (FINRA) arbitration claims against many broker-dealers on behalf of investors. These include both Cetera and Ameriprise.

If you believe you could be the victim of investment fraud, contact our investor lawyers for a free case consultation today. They will help you explore your options. You can reach us throughout the US, reach us on 1-800-856-3352.

 

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