Steven Martin Barnett Investigation
June 2023- Jacksonville, FL
The FINRA records of Stephen Martin Barnett , a stockbroker who was previously employed by LPL Financial disclose a regulatory matter, a customer dispute and an outstanding tax lien to the IRS.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In March of 2022, without admitting or denying findings, Barnett consented to the sanctions and to the entry of findings that he mis-marked mutual fund order tickets as unsolicited when he actually had solicited the trades. The findings stated that Barnett marked the order tickets as unsolicited when he made investment recommendations in connection with customers’ reallocations of their mutual fund portfolios. Barnett’s mis-marking of the orders caused his member firm to make and maintain inaccurate books and records in violation of FINRA rules. Sanctions ordered were a 30 day suspension from all FINRA activity and a $5,000 fine to be paid by Barnett individually.
In April 2016, a customer of Sigma Financial Corporation, Barnett‘s previous employer, alleged that Barnett was deceiving when selling client a direct held limited partnership. The case settled for $5,000.
In November 2015, the IRS filed a tax lien against Barnett in the amount of $34,802 in Duval County Circuit Court in Florida. The lien is still outstanding.
Barnett was with LPL Financial from February 2018 until June 2020. Prior to that he was with Invest Financial Corporation, Investors Capital Corp., J.W. Cole Financial, Inc, and Sigma Financial Corporation.
If you have losses in an account handled by Steven Martin Barnett , contact us for a no charge consultation to learn how you may be able to recover damages through FINRA arbitration.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney, at no cost to you.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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