Goodman & Nekvasil P.A, May Recover Your Investment Losses – Michael Anthony Barina Suspended from Securities Industry
Michael Barina was licensed with Aegis Capital Corp. from November 2011 to May 2013. Michael Barina was suspended from the securities and investment banking industry for three months and fined $12,500 by the Financial Industry Regulatory Authority (FINRA) in September 2013. Michael Barina consented to findings that Michael Barina recommended to customers an investment in HSGO, a private-placement investment pool, and, at the time of these recommendations, Michael Barina did not have a complete and sufficient understanding of the HSGO’s investment strategy and parameters. HGSO’s investment strategy and parameters included that it could invest up to 25 percent of its assets in a single security, and that it could engage in options trading. Consequently, FINRA found that Michael Barina lacked a reasonable basis to believe that the HSGO was a suitable investment for the customers, and thus, Michael Barina’s recommendation for his customers was unsuitable.
FINRA also found that Michael Barina accepted a personal check, made payable to Michael Barina, in the amount of $124,000 from another registered representative and colleague, who instructed Michael Barina to keep $18,000 of the check amount as payment of a purported debt that the representative owed to Michael Barina, and to deposit the balance, $106,000, into the account of the private-placement investment pool. Michael Barina deposited the full amount of the check into Michael Barina’s personal bank account and subsequently transferred $106,000 to the entity’s account. By depositing the full amount of the check into Michael Barina’s personal bank account, Michael Barina commingled the representative’s funds with his own. Michael Barina, on behalf of the entity, opened a brokerage account with a FINRA member Firm.
FINRA also reports that an arbitration claim involving Michael Barina’s conduct with Coker & Palmer, alleging poor performance and excessive trading, was settled for $38,750.
If you lost any money on investments with Aegis Capital Corp., and/or Coker & Palmer, you may be able to recover your losses from Aegis Capital Corp., and/or Coker & Palmer. This is because Aegis Capital Corp., and Coker & Palmer had a duty to supervise Michael Barina.
If you lost money on investments with Michael Barina 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 Aegis Capital Corp., and/or Coker & Palmer concerning Michael Barina’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 $170 million on behalf of victimized investors. If you lost money on investments with Michael Barina 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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