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Matt Barr: $100K Complaint Against Merrill Lynch Advisor

Columbia, Maryland financial advisor Matt Barr (CRD# 5224488) allegedly made unauthorized trades, according to a recent investor complaint. Financial Industry Regulatory Authority records show that he is a broker and an investment advisor with Merrill Lynch, having previously been registered with NYLife Securities.

Mr. Barr’s BrokerCheck report discloses one investor complaint. Filed in May 2023, it alleges that as a representative of Merrill Lynch, he made unauthorized trades in the customer’s managed account. The pending complaint alleges damages of $100,000.

FINRA Rule 3260 specifies the conditions in which brokers like Mr. Barr may engage in effect securities transactions without prior consultation with their customer. As the regulator explains in its investor resources, this is also known as discretionary trading, and it “generally means the broker can decide at any time how much of a stock, bond or other security to buy or sell, and at what price, without customer input.” Rule 3260 states that brokers may not use discretionary authority without the customer’s prior written authorization, as well as their firm’s approval of the customer’s account for discretionary trading. Representatives who execute unauthorized trades may be liable for damages.

According to the Financial Industry Regulatory Authority, Matt Barr holds 14 years of securities industry experience. Based in Columbia, Maryland, he has been a broker and an investment advisor with Merrill Lynch since 2009. His past registrations include NYLife Securities (Edison, New Jersey; 2007) and Liberty Partners Financial Services (Fort Lauderdale, Florida; 2006). His credentials include the passage of three securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Combined State Law Examination, or Series 66. He holds 31 state licenses. (Information current as of July 8, 2023.)

Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.

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