R. Barry Jones Allegedly Exercises Discretion In Non-Discretionary Accounts

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

R. Barry Jones was a Florida based securities broker. He worked in the securities industry for twenty-three years. During his career, he was registered with seven different securities firms. He is no longer working as a registered securities broker in any fashion.

His Registrations

• Guardian Investor Services Corporation (1993-1994)


• Merrill Lynch (1994-1996)


• Wachovia Securities (1996-2001)


• Morgan Keegan & Company (2001-2002)


• Quick & Reilly, Inc. (2002-2004)


• Banc of America Investment Services (2004-2009)


• Merrill Lynch (2009-2016)

The Allegations

• In September 2007, a customer alleged that R. Barry Jones made unsuitable recommendations. This case was settled for $31,681 in damages.


• In August 2011, a customer alleged that R. Barry Jones made material misrepresentations and unsuitable investment recommendations.


• In March 2013, customers alleged that R. Barry Jones made unsuitable investment recommendations and made misrepresentations and omissions of material facts. This case was settled for $125,000 in damages.


• In July 2016, customers alleged that R. Barry Jones engaged in unauthorized trading. This case was settled for $80,000 in damages.


• In August 2016, he resigned from his position at Merrill Lynch amidst allegations that he exercised discretion in non-discretionary customer accounts.

R. Barry Jones was eventually barred by FINRA from acting as a securities broker in any fashion.

Unauthorized Trading

Securities brokers are required to obtain a customer's authorization before executing any trades on their behalf. Just because an investor has hired a broker to recommend suitable securities does not mean they have forfeited their right to have final say about what they are ultimately invested in. More often than not, when brokers circumvent this procedure, it is because they wish to invest their customer in something they are highly unsuited for.

There is a trading practice known as discretion that allows brokers to execute trades in a customer's account without having to obtain authorization for every trade. However, before a securities broker can begin engaging in this practice, they must first obtain the account holder's written authorization. They must also have their member firm accept the account in question as one that is suitable for discretionary trading. Engaging in discretionary trading without these authorizations can result in financial loss to the account holder.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/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 R. Barry Jones, please contact Oakes & Fosher for a free and private consultation. We work on a contingency basis, which means there are no fees charged unless we collect for you.