Garden City, New York financial advisor (CRD# 5225102) has received multiple investor complaints alleging that his investment recommendations led to...Read More
David Barnes: $3.4 Million Complaint Against Dallas UBS Advisor
UBS Financial Services advisor David Barnes (CRD# 2181896) recently received an investor complaint alleging his investment advice resulted in more than $3 million in damages. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor based in Dallas, Texas.
Mr. Barnes’ BrokerCheck report discloses two investor complaints. The most recent, filed in August 2022, alleges that as a representative of UBS Financial Services, he “recommended an unsuitable portfolio concentration in energy, finance, and real estate investments and failed to reduce the leverage risk” in the customers’ accounts. The pending complaint alleges damages of $3.4 million.
A second investor complaint, filed in August 2020, alleged that as a representative of UBS Financial Services, he “made unsuitable investment recommendations, including loans.” In April 2022 the complaint reached a settlement of $98,000.
According to the Financial Industry Regulatory Authority, David Barnes holds 30 years of securities industry experience. Based in Dallas, Texas, he has been a broker and an investment advisor with UBS Financial Services since 2016. His past registrations include Credit Suisse Securities (Dallas, Texas; 2009-2016), UBS Financial Services (Dallas, Texas; 2001-2009), and Goldman Sachs (New York, New York; 1991-2001). His credentials include the passage of five securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the National Commodity Futures Examination, or Series 3; the Securities Industry Essentials Examination, or SIE; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He is licensed in Arizona, California, Colorado, Connecticut, Florida, Idaho, Indiana, Kansas, Michigan, Missouri, Nevada, Ohio, Oklahoma, Tennessee, Texas, Virginia, and Washington. (Information current as of September 20, 2022.)
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