Multiple Investor Clients of Ameriprise Financial Services Broker Mark Allen Barrand Complain of Investment Losses
Mark Allen Barrand, a broker and investment adviser currently employed by Ameriprise Financial Services, is the subject of multiple customer disputes, according to a Financial Industry Regulatory Authority’s (FINRA) BrokerCheck report.
Six of these disputes have been resolved, while four remain pending, FINRA reports. All the disputes serve to raise potential red flags about the Barrand’s activities and might mean that other of the broker’s clients could file their own claims for recovery of damages.
Settled Customer Disputes
Of the settled customer disputes involving Barrand, one originated from Barrand’s time as a broker for Ameriprise Financial Services, LLC. Filed in January 2020, this complaint accused Barrand of recommending unsuitable investments, which included NorthStar Healthcare[SS1] , a non-traded REIT investment known for illiquidity and risks. The customer alleged damages totalling $65,000, and the matter settled for $14,000.
Other disputes stemmed from Barrand’s time of employment with Cetera Advisors LLC. According to BrokerCheck, customers accused the broker of breach of fiduciary duty and negligence, failure to perform due diligence, unsuitable investment, and fraud. These cases resulted in individual settlements up to $22,500.
Pending Customer Disputes
Other investors have stepped forward with similar allegations against Barrand. Currently, three other disputes involving the broker are pending.
The broker reported to FINRA that one customer from his time at Ameriprise Financial Services, LLC accused the broker of making unsuitable, high-commission, and illiquid alternative investments on the customer’s behalf, resulting in $125,000 of alleged damages. The investments including NorthStar, FS global Credit, BDCA, and FSKR.
Another customer from the broker’s time of employment with Cetera Advisors LLC filed a dispute in February 2021 alleging that Barrand misrepresented and failed to disclose information related to an unsuitable investment in their IRA account. They allege they sustained $25,000 in damages as a result of Barrand’s actions.
Another claimant alleges that when the broker worked with Cetera Advisors LLC, he concentrated the customer’s assets in unsuitable and illiquid alternative investments. This customer is claiming $100,000 in damages. Yet another Cetera customer has filed a similar complaint about Barrand, alleging unsuitable investment recommendations that caused $150,000 in damages.
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