Mark Allen Barrand of Denver Colorado a stockbroker formerly registered with Ameriprise Financial Services is referenced in a customer initiated investment related FINRA securities arbitration claim which was settled for $25,000.00 in damages based upon accusations that the customer had been advised by Barrand to invest in Business Development Corporation of America when Barrand was registered with Cetera Advisors LLC and Ameriprise Financial Services. Financial Industry Regulatory Authority (FINRA) Arbitration No. 21-00333 (Feb. 9, 2021). The claim alleges that the investment was not liquid and that the customer was not provided important information in regard to BDCA.
FINRA Public Disclosure reveals that Barrand has been identified in eight more customer initiated investment related disputes containing allegations of his bad sales practices while registered with securities broker dealers including Cetera Advisors and Ameriprise Financial Services. On June 18, 2019, a customer initiated investment related complaint regarding Barrand’s conduct was resolved for $22,500.00 in damages based upon accusations of negligence and breach of fiduciary duty by the stockbroker as it pertained to the customer’s alternative investment purchases through Cetera Advisors. The complaint alleges that there was no due diligence prior to investments being recommended to the customer. According to the complaint, the customer was defrauded.
Barrand is referenced in another customer initiated investment related FINRA securities arbitration claim which was settled for $150,000.00 in damages supported by allegations of unsuitable recommendations of business development companies and real estate securities during the time that the stockbroker was associated with Cetera Advisors. FINRA Arbitration No. 20-02959 (Sept. 9, 2020).
On February 5, 2021, a customer initiated investment related FINRA securities arbitration claim concerning Barrand’s conduct was resolved for $14,000.00 in damages founded on accusations of negligence as it pertained to direct participation program interests or limited partnership interests that were sold to the customer at Cetera. FINRA Arbitration No. 20-00124. According to the claim, Barrand breached a fiduciary duty to the customer causing them to sustain damages on direct investments and mutual funds.
On February 8, 2021, an additional customer filed an investment related arbitration claim involving Barrand’s activities in which they sought $125,000.00 in damages based upon allegations that the stockbroker recommended bad alternative investments including BDCs and real estate securities. FINRA Arbitration No. 21-00329 (Feb. 8, 2021). According to the claim, customers experienced damages by investing in BDCA, FS Global Credit, NorthStar and FSKR.
Barrand’s registration with Cetera Advisors was terminated on August 1, 2016. He has been a stockbroker and investment adviser representative of Ameriprise Financial Services since July 29, 2016.
