October 20, 2020
FINRA AWC
On September 30, 2020, the Financial Industry Regulatory Authority (FINRA) Department entered into an Acceptance, Waiver and Consent (AWC) with Robert Barnard, a general securities representative formerly associated with Principal Securities, Inc. in Las Cruces, New Mexico, to resolve allegations of securities industry violations.
According to his FINRA BrokerCheck report, Barnard has been associated with Principal Securities from April 2008 until August 2018 when he was discharged on allegations from the executor of his deceased client’s estate that Barnard and his assistant had “inappropriate financial dealings” with the client. These allegations were resolved with a settlement totaling over $116,000. Barnard’s BrokerCheck report shows records of other settlements from customer disputes that alleged breach of fiduciary duty among other allegations.
Based on the customer allegations that led to his termination from Principal Securities, FINRA began investigating Barnard’s activities and requested he appear for on-the-record testimony. Barnard acknowledged that he received FINRA’s request and refused to appear for this testimony, thus violating FINRA Rules 8210 and 2010.
Without admitting or denying the allegations made against him, Robert Barnard consented to a bar from associating with any FINRA member firm.