DID JONATHAN ADAM BARRACK CAUSE YOU INVESTMENT LOSSES?
Jonathan Barrack Formerly With Allstate Financial Services, LLC was recently fired, due to allegations related to document handling without customer consent and violation of communication policies.
Who is Jonathan Barrack formerly with Allstate Financial Services, LLC?
Jonathan Barrack (CRD #1393944) who was formerly registered as a broker with Allstate Financial Services, LLC and located in Millington, Tennessee, is a subject of one of our many securities industry sales practice abuse investigations.
Investment Losses? Let’s talk.or, give us a ring at (800) 732-2889.
Jonathan Barrack Employment History and Termination
Jonathan Barrack has worked for multiple firms in the securities industry, including Allstate Financial Services, LLC, Silver Oak Securities, Inc., and WFG Investments, Inc.
He passed two general industry/product exams and two multi-state securities law exams. Throughout his career, he also held positions with other firms like Oppenheimer & Co. Inc. and UBS Financial Services Inc.
Barrack’s employment was terminated by Allstate Financial Services on September 24, 2024. This decision was reportedly due to a “loss of confidence” following allegations that Barrack obtained only the signature page of a document and later completed the remainder without the customer’s knowledge. Additionally, he allegedly violated firm policies regarding off-channel electronic communications, leading to his departure.
Negative Disclosures Summary
Customer Disputes: 3
Pending Dispute (November 5, 2012): Another client filed a claim asserting that Barrack’s advice regarding retirement fund investments in CDs was not suitable, seeking $3,000,000 in damages.
Settled Dispute (January 3, 2001): A PaineWebber client alleged a transaction error in purchasing an incorrect stock symbol and was also charged margin interest. The case settled for $47,537.75.
Pending Dispute (February 25, 2009): A client alleged that CDs purchased were unsuitable and that Barrack’s recommendation was not in the client’s best interest, seeking $847,000 in damages.
Allegations and Accusations
- Document Handling and Communication Policies: Allegations leading to Barrack’s termination involved improper handling of customer documents and using non-approved electronic communication channels.
- Stanford Group Civil Cases: Barrack is involved in pending civil cases related to the Stanford Group Ponzi scheme, though he is identified only as a relief defendant, with no claims of personal wrongdoing.
- Customer Suitability Claims: Pending customer disputes allege unsuitable investment recommendations, particularly around high-value CDs, with claims totaling over $3 million. These disputes reflect clients’ concerns about the alignment of his investment advice with their financial goals.
Jonathan Barrack Red Flags & Your Rights As An Investor
Of course, Jonathan Barrack did not admit to any of the allegations. But regardless of whether an arbitration award was entered, a settlement occurred, or the customer complaint is still pending, the allegations made by customers coupled with the recent termination are red flags which should put all current and former customers of Jonathan Barrack at Allstate Financial Services, LLC on alert to review carefully the activity and performance of their accounts and question whether Jonathan Barrack has engaged in any stockbroker misconduct that may have caused them investment losses. The large number of customer complaints at Allstate Financial Services LLC also raises questions about the brokerage firm’s supervisory practices. If these red flags raise questions, call us and we will inform you of your rights as an investor.
Did You Lose Money Because of Broker Misconduct?
If you have lost money due to negligence or fraud by a stockbroker or advisor, the easiest way to know if you have a case is to call our office at 800-732-2889. Our investment fraud attorneys will evaluate your claim for free and let you know if we can help you recover your losses.
Need Legal Help? Let’s talk.or, give us a ring at 561-338-0037.
File A Claim To Recover Your Investment Losses At Allstate Financial Services, LLC Due To Jonathan Barrack
If you have questions about Allstate Financial Services, LLC and/or Jonathan Barrack and the management or performance of your accounts, please contact Attorney Pearce for a free initial consultation via email or Toll Free at 1-800-732-2889.
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