Kevin Lawrence Barbalace (Kevin Barbalace) Suspended from Securities Industry and Fired by Dawson James Securities, Inc. – Goodman & Nekvasil P.A., May Recover Investor Losses
Goodman & Nekvasil P.A., May Recover Investor Losses - Kevin Lawrence Barbalace (Kevin Barbalace) Suspended from Securities Industry and Fired by Dawson James Securities, Inc.
From 2011 until Kevin Barbalace’s firing in 2015, Kevin Barbalace was licensed with Dawson James Securities, Inc. Kevin Barbalace was subsequently licensed with Corinthian Partners, L.L.C. According to FINRA’s records, Kevin Barbalace was fired by Dawson James Securities, Inc. on May 13, 2015. Dawson James Securities, Inc. reported to FINRA that Kevin Barbalace received a written complaint letter from a client and neglected to forward the letter to Kevin Barbalace’s branch manager or compliance. Dawson James Securities, Inc. reported that Kevin Barbalace also solicited a fee and accepted a check from the client unrelated to the managing of the client’s account at the firm. According to Dawson James Securities, Inc., Kevin Barbalace was terminated for failure to follow firm policies and procedures.
Subsequent to Kevin Barbalace’s firing, FINRA investigated Kevin Barbalace and brought a disciplinary action against Kevin Barbalace. Kevin Barbalace consented to a 3 month suspension from the securities and investment banking industry and a $5,000 fine. Kevin Barbalace also consented to the entry of findings that Kevin Barbalace made unsuitable investment recommendations to a customer and exposed the customer to a risk of loss that was inconsistent with the customer’s financial needs and situation. The findings stated that specifically, Kevin Barbalace recommended and made trades in the customer’s IRA account and trades in the customer’s regular account. According to FINRA, these trades resulted in an excessive concentration of low-priced stocks in the customer’s accounts. According to FINRA, when the customer transferred the accounts from Kevin Barbalace’s member firm, the customer incurred more than $7,000 in net losses. The findings also stated that Kevin Barbalace accepted a check from the customer for an undisclosed outside business activity. According to FINRA, Kevin Barbalace charged the customer $750 to complete online paperwork for the customer to open a limited liability company and to retain Kevin Barbalace for as-needed business consultation. This activity was outside the scope of Kevin Barbalace’s relationship with Kevin Barbalace’s firm. FINRA further found that Kevin Barbalace never disclosed this activity to the firm, nor did Kevin Barbalace disclose the activity in the annual disclosure of OBA and political contributions form he completed.
FINRA also reports that the Maryland Securities Commissioner and Kevin Barbalace reached an agreement in September 2015, whereby Kevin Barbalace consented to two years heightened supervision and a civil monetary penalty of $7,661.
FINRA reports that two complaints have been filed involving Kevin Barbalace’s conduct with Dawson James Securities, Inc., alleging unsuitable investments, misrepresentation, and failure to follow client instructions. These complaints are currently pending, with the largest complaint seeking $4,952,610 in damages.
If you lost any money on investments with Kevin Barbalace, you may be able to recover your losses from Dawson James Securities, Inc. and/or Corinthian Partners, L.L.C. This is because Dawson James Securities, Inc. and Corinthian Partners, L.L.C. had a duty to supervise Kevin Barbalace.
If you lost money on investments with Kevin Barbalace, 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 Dawson James Securities, Inc. and/or Corinthian Partners, L.L.C. concerning Kevin Barbalace’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. Goodman & Nekvasil, P.A. has recovered more than $300 million on behalf of victimized investors. If you lost money on investments with Kevin Barbalace 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.
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