Barry Lemay, Broker with Concorde Investments, Facing Pending Customer Dispute Involving Suitability Claims

The client is seeking over $237K in damages for Lemay’s misconduct. 

The Sonn Law Group is investigating allegations that Barry Lemay made unsuitable investment recommendations. If you or a family member has suffered losses investing, we want to discuss your case. Please contact us today for a free review of your case.

Barry Lemay (CRD#: 306332) is currently registered as a broker and investment adviser with Concorde Investment Services where he has been employed since 2012. Previously, Lemay was registered with Pacific West Financial from 2008 until 2011.

Lemay has eleven disclosures on his BrokerCheck report. Three customer disputes were closed with no action, while two were denied. 

December 2020 Customer Dispute

• Status: Pending
• Allegations: The client is alleging suitability relating to various investments made from August 2012 to February 2018.
• Damage Amount Requested: $237,000.00

July 2015 Customer Dispute

• Status: Settled
• Allegations: The client is alleging negligence, breach of fiduciary duty and suitability in relation to TIC investments made from 2003 to 2008.
• Damage Amount Requested: $2,822,797.02
• Settlement Amount: $40,000.00
• Broker Comment: This arbitration case was just filed and involves a tenant-in-common investment purchased through VSR Financial Services. The apartment suffered through the decline in real estate prices and declining vacancies as tenants left to purchase low cost homes. Luke McCarthy and Evergreen Properties were managing the property at the time and were unable to keep occupancy at the previous high levels.

February 2015 Customer Dispute

• Status: Settled
• Allegations: Alleged unsuitability, breach of fiduciary duty, and negligence relating to investments dated 12/2005 to 4/2007.
• Damage Amount Requested: $1,000,000.00
• Settlement Amount: $255,000.00

December 2010 Customer Dispute

• Status: Settled
• Allegations: The client alleges that stock sales representative placed in her account on 11/1/10 were unauthorized.
• Damage Amount Requested: $10,977.55
• Settlement Amount: $10,977.55
• Broker Comment: Technically, the order was unauthorized by FINRA standards, an order to buy was placed in March/2010 and it lost money during the ensuing months. The client told me on 2-3 occasions that she wanted to liquidate when her account exceeded her original amount. On November 1, I moved all clients out of their positions including referenced client. She had a gain of 12% and since I had prior verbal authorization from her, I moved her account to cash. Under current rules, prior authorization is not valid. Order must be received on the same day. In hindsight, the client realized she would have additional gains if the positions remained as they were on November 1st, so she consulted with another broker and made the above claim.

July 2010 Customer Dispute

• Status: Settled
• Allegations: Clients allege breach of fiduciary duty, negligence and misrepresentation. Activities dated 2/2006-12/9/2009.
• Damage Amount Requested: $737,200.00
• Settlement Amount: $299,000.00

May 2009 Customer Dispute

• Status: Settled
• Allegations: Claimant alleges breach of fiduciary duty, fraud, violation of California Corporate Securities Law of 1968, and negligence in connection with the purchase of a private placement in May of 2007.
• Damage Amount Requested: $350,000.00
• Settlement Amount: $150,000.00
• Broker Comment: On or about May 21, 2007, claimant purchased a tenant in common interest in Park Plaza Retail Center. Claimants were made aware of and signed a client disclosure statement attesting to the fact that they understood that the investment was not guaranteed and had significant risks. On or around October 27, 2008, DBSI, the parent company to Park Plaza Retail Center filed for chapter 11 bankruptcy. DRP updated for settlement. 

Contact Us Today

The Sonn Law Group is currently investigating allegations surrounding Barry Lemay. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.