Alonza Barnett Jr., formerly a financial adviser in North Carolina with
Ameritas Investment Corporation, has been barred by FINRA for failure
to provide requested documents and failure to request termination of suspension.
According to FINRA, Barnett was barred from the securities industry after
he failed to respond to the regulator’s requests for information
relating to a customer complaint against him. The complaint alleged that
Mr. Barnett converted customer funds and defrauded a customer for more
than a decade.
According to Alonza Barnett’s FINRA report, the customer lodged the
complaint against him in February of 2017. The customer alleged that the
broker violated federal securities law as well as the North Carolina Investment
Advisors Act. The customer alleges Barnett recommended unsuitable investments
and provided misleading information about the types of investments being
recommended or sold. Additionally, the customer claims that Barnett converted
funds, committed constructive fraud, and breached his fiduciary duties.
The customer alleges $1.75 million in damages.
Alonza Barnett Jr. was registered with Ameritas Investment Corporation
and worked inGreensboro, N.C. from June 2010 until Dec. 2016.
From February of 2008 until June of 2010, Barnett was registered with Institutional
Capital Management, Inc., also in Greensboro. He was registered with Scott
& Stringfellow Inc. from September of 2002 until February of 2008.
Alonza Barnett also reports working for a number of other entities, including
Dachtler Wealth Management also in Greensboro, N.C.
Breach of Fiduciary Duty
Financial advisers have a duty to put their client’s interests first
and protect their investment accounts.
Fiduciary duties of financial advisers include:
- Keeping their client informed
- Monitoring the market to protect their clients from losses
- Providing true and accurate advice about the risks involved in an investment
- Prioritizing their client’s interests
When financial advisers do not exercise due care while handing their client’s
investments, they are said to be in breach of their fiduciary duty that
is owed to their client.
For example, a broker who fails to appropriately monitor client accounts
to protect them from financial losses is in breach of fiduciary duty to
their client. Further, if a reasonable and prudent broker would not offer
an investment to a client, it would be a breach of fiduciary duty for
a financial adviser to recommend that product.
If you or a loved one invested with Alonza Barnett Jr., contact the experienced
investment fraud lawyers at Meyer Wilson.