Barbara Lucille Desiderio (Barbara Desiderio) Barred From Securities Industry – Goodman & Nekvasil P.A., May Recover Your Investment Losses

Goodman & Nekvasil P.A., May Recover Your Investment Losses - Barbara Lucille Desiderio (Barbara Desiderio) Barred From Securities Industry

Barbara Desiderio was licensed with Herbert J. Sims & Co. Inc. from 2002 to 2013. Barbara Desiderio was subsequently licensed with Global Arena Capital Corp. Barbara Desiderio was barred from the securities industry by the Financial Industry Regulatory Authority (FINRA) on September 11, 2015. FINRA reports that Barbara Desiderio consented to the sanction and to the entry of findings that Barbara Desiderio willfully violated Section 10(b) of the Securities Exchange Act of 1934 and SEC Rule 10b-5 promulgated thereunder, and violated FINRA Rules 2020. The findings stated that Barbara Desiderio participated in a scheme to defraud customers in order to generate commissions and markups. FINRA reports that instead of supervising brokers in a branch of Barbara Desiderio’s member firm, Barbara Desiderio allowed them to churn customer accounts. FINRA reports that they churned customer accounts and they made material misrepresentations and omissions in connection with the sale of securities. FINRA reports that as a branch manager, supervisor, and ultimately the firm’s president, Barbara Desiderio was responsible for supervising the employees of the branch. FINRA reports that due to the high commissions charged, this excessive trading activity caused significant customer losses. FINRA reports that to allow the fraudulent scheme to continue, Barbara Desiderio knowingly sent materially misleading “activity letters” to customers whose accounts were excessively traded. According to FINRA, when responding to customer complaints, Barbara Desiderio made statements to customers about the activities of the registered representatives she supervised that she knew or reasonably should have known were false.

FINRA reports that Barbara Desiderio also hired, registered, and caused junior brokers – many of them recent college graduates – to work under the direction of the firm’s senior brokers. FINRA reports that Barbara Desiderio knew that the senior brokers were directing the junior brokers to cold call potential customers from lead sheets and to solicit purchases of junk bonds using sales presentations that contained materially misleading statements and omissions of material fact. According to FINRA, Barbara Desiderio took no steps to supervise the activities of the junior brokers. FINRA reports that as a result of Barbara Desiderio’s actions and inactions, the junior brokers made materially misleading statements and omitted material facts when selling the junk bonds to customers. The findings also included that Barbara Desiderio also made and permitted to be made false statements in response to FINRA’s requests for documents and information and that Barbara Desiderio failed and refused to appear for testimony requested by FINRA.

Subsequent to Barbara Desiderio’s bar from the securities industry by FINRA, an arbitration claim involving Barbara Desiderio’s conduct was filed, alleging unsuitability and breach of fiduciary duty. This case did not settle and proceeded to final hearing. The arbitrator found Barbara Desiderio jointly and severally liable and issued a $50,000 award against Barbara Desiderio and other parties.

If you lost money on investments with Barbara Desiderio, you may be able to recover your losses from Herbert J. Sims & Co. Inc. This is because Herbert J. Sims & Co. Inc. had a duty to supervise Barbara Desiderio.

If you lost money on investments with Barbara Desiderio and believe that the investments may have been unsuitable or otherwise improper for you, we would like to discuss the possibility of your retaining our firm to represent you in an arbitration action against Herbert J. Sims & Co. Inc. concerning Barbara Desiderio’s conduct. There is no charge for an evaluation of your case. Further, we handle our cases on a contingency fee basis. This means that unless we recover money for you, we charge no attorney’s fee. Unless you recover any money, you pay us nothing, not even the costs and expenses which the firm will advance on your behalf.

Kalju Nekvasil, Esq., formerly regional counsel with the NASD, now known as FINRA, has practiced in this area of the law for more than 35 years. If you lost money on investments with Barbara Desiderio and would like your case evaluated by a securities attorney (again, there is no charge for an evaluation and all cases are handled on a purely contingency fee basis), please contact us.

 

Keywords: Barbara Lucille Desiderio, Barbara Desiderio, Desiderio, Herbert Sims, FINRA, SEC, Fraud, Attorney, Broker, Brokerage, Firm, Brokerage Firm, Invest, Lawyer, Securities Lawyer, Goodman and Nekvasil, Nekvasil, Goodman, Investor, Investment, Financial, Financial Services, Securities 

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