JJB Hilliard, WL Lyons broker Michael Barnett is the subject of numerous customer complaints alleging breach of fiduciary duty, negligence, negligent misrepresentation and omission, breach of contract, common law fraud, and more.
According to the FINRA report (PDF), claimants alleged that Barnett sold all of their blue chip stocks and invested the proceeds, along with funds from a joint account and an IRA into Breitburn Energy. The highly speculative oil and gas company filed for bankruptcy in 2016, and allegations claim that the overconcentration of funds in the unsuitable investment exposed clients to substantial risks, ultimately causing them to suffer significant losses.
Barnett is currently registered at JJB Hilliard, WL Lyons and has spent eight years working in the securities industry.
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When brokers like Barnett participate in this type of misconduct, investors may be able to recover their losses through FINRA arbitration. If you suffered financial losses while working with Michael Barnett, the investment fraud attorneys at Meyer Wilson would like to hear from you. Give our office a call at (614) 532-4576 to start out with a free case consultation.
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