Mark Barrand, Broker with Ameriprise Financial Services, Facing Customer Disputes Alleging Unsuitable Recommendations

Barrand has three pending customer disputes seeking $300k in damages, collectively.

Mark Barrand (CRD: 4586528) is registered as a broker and financial adviser with Ameriprise Financial Services where he has been employed since 2016. Barrand was previously registered as a broker and financial advisor with Cetera Advisors from 2004 until 2016.

Barrand has nine disclosures on his BrokerCheck report. Two customer disputes filed against Barrand were denied and one was closed with no action taken.

February 2021 Customer Dispute

• Status: Pending
• Allegations: Claimant alleges her advisor recommended she invest in Business Development Corporation of America (“BDCA”) while at Cetera and the BDCA was illiquid and unsuitable for her. Furthermore, she alleges she didn’t receive adequate disclosures about the product. Claimant also alleges that she requested a redemption in January 2018 and that it was not executed in time causing a further decline in the value of her account.
• Damage Amount Requested: $25,000.00

February 2021 Customer Dispute

• Status: Pending
• Allegations: Claimants allege that they were recommended unsuitable, high-commission, illiquid alternative investments FSKR, FS Global Credit, BDCA, and Northstar.
• Damage Amount Requested: $125,000.00

September 2020 Customer Dispute

• Status: Pending
• Allegations: Customer alleges unsuitable investment recommendations.
• Damage Amount Requested: $150,000.00

January 2020 Customer Dispute

• Status: Settled
• Allegations: Claimants allege that Respondents recommended unsuitable investments, to include Oppenheimer Steelpath MLP Alpha Plus Fund and Northstar Healthcare (a non-traded REIT investment) and seeks $65,000
• Damage Amount Requested: $65,000.00
• Settlement Amount: $14,000.00

February 2019 Customer Dispute

• Status: Settled
• Allegations: Failed to perform due diligence, unsuitable investment, fraud, Breach of Fiduciary Duty, and Negligence.
• Damage Amount Requested: $100,000.00
• Settlement Amount: $22,500.00

August 2010 Customer Dispute

• Status: Settled
• Allegations: Complainants were customers of former registered representative’s broker dealer (Legacy). Complainants assert claims for misrepresentation, breach of fiduciary duty, professional negligence, and violation of security regulations.
• Damage Amount Requested: $91,245.51
• Settlement Amount: $20,000.00

Contact Us Today

The Sonn Law Group is currently investigating allegations surrounding Mark Allen Barrand. 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.