The law firm of Oakes & Fosher is currently investigating the alleged misconduct of securities broker Juan Barreras. According to his publicly available FINRA BrokerCheck report, Juan Barreras has been the subject of multiple customer disputes over the course of his career.
Juan Barreras is a Florida-based securities broker who has worked in the securities industry for twenty-two years. During his career, he has been registered with three securities firms.
His Registrations
- UBS Financial Services Incorporated (1997-2010)
- UBS Financial Services Incorporated of Puerto Rico (1997-2010)
- Merrill Lynch, Pierce, Fenner & Smith (2010-Present)
The Allegations
- In April 2015, customers alleged that Juan Barreras had made unsuitable investment recommendations and had made material misrepresentations and omitted facts regarding investments. This case was settled for $55,000 in damages.
- In June 2015, a customer alleged that from 2011 to 2015 Barreras had misrepresented and omitted facts regarding investments, and that he had made investment recommendations unsuitable given their investment objectives. This case was settled for $250,000 in damages.
- In August 2016, a customer alleged that from 2011 to 2016 Barreras had misrepresented and omitted facts regarding investments, and that he had recommended unsuitable investments. This case was settled for $125,000 in damages.
- In January 2019, a customer alleged that Barreras had recommended unsuitable investments and misrepresented investments. This case is currently pending, and the customer is seeking $600,000 in damages.
- In August 2019, a customer alleged that Barreras had recommended investments unsuitable given the customer’s investment objectives and had made misrepresentations regarding investments. This case is currently pending, and the customer is seeking $800,000 in damages.
What Does This Mean?
Misrepresentation is a very serious charge, as it can often result in very serious financial harm to an investor. Essentially, misrepresentation occurs when a securities broker provides an investor with information that has been falsified or obscured in some manner. This can be either on purpose, in an attempt to defraud the investor, or by accident through the broker’s negligence. In this case, customers were also alleging that Barreras had omitted facts regarding investments. Regardless of the broker’s intent, misrepresentation can cause significant losses in an investor’s account as it can lead to them making crucial financial decisions based on misinformation.
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 due to this fraud or negligence 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 Juan Barreras, 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.
