The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Barry Connell. According to his publicly available FINRA BrokerCheck report, Barry Connell has been the subject of multiple customer disputes.

Barry Connell was a New Jersey based securities broker. He worked in the securities industry for eighteen years. During his career, he was registered with two different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

  • UBS Financial Services (1998-2008)
  • Morgan Stanley (2008-2016)

The Allegations

  • In November 2008, a customer alleged that Barry Connell failed to follow instructions to sell Wachovia stock in a timely manner. This case was settled for $20,000 in damages.
  • In July 2012, a customer alleged that Barry Connell executed trades without authorization. This case was settled for $55,000 in damages.
  • In November 2016, Barry Connell became the subject of two separate complaints from customers alleging he converted a total of approximately $5 million from the two accounts. According to the Securities and Exchange Commission, Barry Connell stole these funds for his own personal use that included settling a private law suit. The first complaint was settled for $3,468,308 in damages. The second complaint was settled for $2,531,691 in damages. Barry Connell was then terminated from his position at Morgan Stanley following these allegations.
  • In December 2016, a customer alleged that Barry Connell made unsuitable investment recommendations. This case was settled for $45,000 in damages.
  • In March 2017, a customer alleged that Barry Connell forged her signatures on various checks in order to misappropriate funds. This case was settled for $725,000 in damages.
  • In December 2017, yet another customer alleged that Barry Connell misappropriated funds from her accounts. The alleged transgressions taking place between 2009 and 2014. This case was settled for $1,350,000 in damages.

Barry Connell was eventually indefinitely suspended by FINRA from acting as a securities broker in any fashion after failing to comply with a settlement agreement.

What Does This Mean?

Misappropriating a customer’s funds is one of the most blatant and reprehensible transgressions a securities broker can commit. The unfortunate truth is that it is a lot more common than we would like to believe. Brokers are able to perpetrate this action due to how much access they are given to investors’ funds. Less than scrupulous securities brokers who convert investor funds act as a sort of boogey man to other investors trying to decide if they should entrust their funds to securities brokers. Essentially these brokers destroy the notion of trust that must exist between brokers and investors in order for the relationship to exist.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages. Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Barry Connell, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.