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David Barber: San Diego Financial Advisor Barred by FINRA
A disciplinary action taken by the Financial Industry Regulatory Authority against former San Diego, California broker David Barber (CRD# 1165082) barred him after finding he refused to provide information connected with FINRA’s investigation into whether he participated in unauthorized trading. A former representative of Madison Avenue Securities, Barber was barred from acting as a broker or otherwise associating with a broker-dealer firm.
According to a Letter of Acceptance, Waiver and Consent (No. 2017052696401) dated March 2018, FINRA initiated an investigation in 2017 into whether David Barber executed unauthorized trades in Madison Avenue Securities customer accounts, improperly used discretionary authority, or “otherwise acted in violation of FINRA rules.” The regulatory accordingly sent him a request on December 18, 2017 to produce documents and information connected to the information by January 2, 2018. After failing to provide documents and information by that date or an extended deadline, Barber indicated to FINRA through counsel that he would not provide the requested materials. FINRA found this refusal to constitute violations of FINRA Rules 8210 and 2010. As a result of the foregoing alleged conduct, he was barred from association with any FINRA member in any capacity.
David Barber’s disclosure records also list five customer complaints that have resulted in either a settlement or an award.
A 2018 complaint alleged that as a representative of Madison Avenue Securities, he executed unauthorized and excessive trades. The complaint reached a settlement of $22,500.
A 2018 complaint alleged that as a representative of Madison Avenue Securities, he recommended equity investments that resulted in losses. The complaint reached a settlement of $340,000.
A 2018 complaint alleged that as a representative of Madison Avenue Securities, he committed fraud. The complaint reached a settlement of $650,000.
A 2017 complaint alleged that as a representative of Madison Avenue Securities, he engaged in unauthorized trading. The complaint reached a settlement of $10,000.
A 2016 complaint alleged that as a representative of Madison Avenue Securities, he engaged in excessive trading and churning, executed unauthorized trades, made unsuitable trades, and breached his fiduciary duty. In 2018 the complaint resulted in an award to the customer of $2,186,492.30.
David Barber is currently not registered as a broker or investment advisor. His employment history includes Madison Avenue Securities in San Diego, California; First Midwest Securities in Newport Beach, California; Raymond James & Associates in Newport Beach, California; RBC Dain Rauscher in Newport Beach, California; Sutro & Company in San Francisco, California; Crowell Weedon & Company in Los Angeles, California; and Sutro & Company in San Francisco, California. He currently holds zero state licenses and has passed three securities industry qualification examinations.