James Martin Barnes of Kentwood Michigan is a former investment advisor representative associated with Regal Investment Advisors LLC who has been fired on February 26 2016 based upon allegations that he sold away from the firm by soliciting customers of the firm to invest in securities that the firm neither offered or approved for sale.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Barnes has been identified in three customer initiated investment related disputes pertaining to accusations of Barnes’ misconduct during the period he was registered with Regal Investment Advisors. Particularly, a customer filed an investment related civil action involving Barnes’ conduct in the Albemarle Circuit Court of Albemarle County, Virginia, in which customers requested $1,808,802.00 in damages based upon allegations that Barnes made misrepresentations to the customer in regard to promissory notes investments. Civil Action No. 003CL16000824-00 (Dec. 6, 2016).
Customers alleged that Barnes pushed an investment strategy that lacked diversification of customers’ assets, wherein their assets were placed in investments that carried excessive risks. The customers also claimed that the investment strategy pursued by Barnes was not appropriate for the customers’ in light of customers’ objectives for investing. Moreover, customers alleged that Regal Investment Services failed to supervise Barnes’ activities relating to the customers’ accounts, breached fiduciary duties owed to the customers, made misrepresentations to the customers concerning suitability of Triton Sitework Development, LLC, committed fraud and violated securities laws of the State of Virginia.
Subsequently, a customer filed an investment related civil action concerning Barnes’ conduct in the State Court of North Carolina, in which the customer sought $570,000.00 in damages founded on allegations of Barnes’ misrepresentations and unsuitable investment recommendations relating to Triton Sitework Development. Civil Action No. 17-CVS-309 (May 18, 2017).
Thereafter, a customer filed an investment related civil action regarding Barnes’ activities, in which the customer requested $160,000.00 in damages supported by accusations that Barnes defrauded the customer in regard to the customer’s investments in Triton promissory notes and made misrepresentations regarding investment risks. Civil Action No. 17-03246-CZ (July 6, 2017).
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