Michael B. Barnett of Marion, Illinois, a stockbroker currently registered with J.J.B. Hilliard, W.L. Lyons, LLC, is the subject of a customer initiated investment related civil action, in which the customer requested more than $5,000.00 in damages based on allegations that over-the-counter equities and stock transactions had been effected in the customer’s account which were neither suitable nor authorized by the customer. Civil Action No. 16-L-27 (Jan. 5, 2017).

Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that a customer was awarded $450,000.00 in compensatory damages and $100,000.00 in punitive damages according to an investment related arbitration involving Barnett’s conduct, which contained findings of fraud, breach of contract, omission and misrepresentation, breach of fiduciary duty and violation of the Securities Act of the State of Illinois. FINRA Arbitration No. 16-01819 (Sept. 22, 2017).

Evidently, the customers’ entire blue-chip stock portfolio had been sold by Barnett, with the proceeds placed in Breitburn Energy Partners Limited Partnership – an investment which failed to conform with the customers’ objectives for investing. Apparently, the failure of the customers’ account to be diversified caused them to be exposed to risks that were not in line with their risk tolerance.

Guiliano Law Group

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