Roger Barnett: $250K REIT Complaint Against LPL Advisor

A recent investor complaint against Brentwood, Tennessee financial advisor Roger Barnett (CRD# 1209301) alleges that his advice resulted in six-figure damages. Financial Industry Regulatory Authority records show that he is registered as a broker with LPL Financial.

Mr. Barnett’s BrokerCheck report discloses one investor complaint. Filed in August 2025, it alleges that as a representative of The ON Equity Sales Company, he recommended an unsuitable investment in a real estate investment trust, or REIT. The pending complaint alleges damages of $125,000. “I deny all allegations,” Mr. Barnett wrote in a statement included with the complaint’s disclosure.

A real estate investment trust, or REIT, is an investment vehicle that uses pooled funds from a group of investors to buy and operate real estate properties. REITs may be can be publicly traded or privately held. While they have the benefit of giving investors access to real estate investments—and the promise of steady income streams from them—non-traded REITs may be particularly risky for short-term investors and even long-term investors. Publicly traded REITs, which are generally traded on major stock exchanges, are often associated with liquidity and stable cash flows, but they are also affected by the ebb and flow of the markets, and like their non-traded counterparts, they may come with high fees. As Investopedia notes, REITs also have fairly low capital appreciation.

According to the Financial Industry Regulatory Authority, Roger Barnett holds 38 years of securities industry experience. Based in Brentwood, Tennessee, he has been registered as a broker with LPL Financial since 2020. His registration history includes Hornor Townsend & Kent, The ON Equity Sales Company, Capital Analysts, Thomson McKinnon Securities, and Drexel Burnham Lambert. His credentials include the passage of six securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the Uniform Investment Adviser Law Examination, or Series 65; the Uniform Securities Agent State Law Examination, or Series 63; the General Securities Representative Examination, or Series 7; the Interest Rate Options Examination, or Series 5; and the General Securities Principal Examination, or Series 24. He is licensed in Florida, Georgia, Illinois, Kentucky, Michigan, New Jersey, New York, North Carolina, Oregon, Pennsylvania, Tennessee, and Texas. (Information current as of November 30, 2025.)

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