Who is David Barnes of UBS Financial Services?

David Barnes (CRD #2181896) who is currently registered with UBS Financial Services and located in Dallas, Texas is a subject of one of our many securities industry sales practice abuse investigations. Prior to UBS Financial Services, David Barnes was associated with Credit Suisse Securities (USA) and other investment advisory and brokerage firms with a history of customer complaints and securities industry regulatory problems.

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Recent News: The Law Offices of Robert Wayne Pearce, P.A. Helps Investor Recover Investment Losses Caused by David Barnes

The Claimant is a 73-year-old widow residing in Dallas, Texas. She was married until her husband passed away on March 30, 2016. 

The Respondent, UBS Financial Services, Inc. (“UBS”), is a Delaware corporation with its principal headquarters in Weehawken, New Jersey. 

The Respondent UBS employed David Barnes (“Barnes”) and held him out and other UBS employees on his team as investment advisers, investment managers, financial advisers, and financial planners with special skills and expertise in the management of securities portfolios and financial, estate, retirement, and tax planning matters. Barnes held several professional certifications which would indicate he knew or should have known his conduct in managing Claimants accounts was below the acceptable standard of care, namely: Chartered Financial Analyst (“CFA”), Certified Financial Planner (“CFP”), and Chartered Alternative Investment Analyst (“CAIA”).

The claims in this arbitration included but were not limited to: (1) Barnes’ failure to employ modern portfolio techniques such as asset allocation and diversification to protect Claimants’ assets from unreasonable risk of loss beginning March 2019; (2) Barnes’ and others’ failure safeguard and protect Claimants’ assets from an unreasonable risk of loss in July 2019 and thereafter; (3) Barnes’ and others’ failure to perform their fiduciary and contractual duties to sell securities and reduce the debt promptly and in a manner to serve the best interest; (4) Barnes’ false and misleading Claimants about the performance of securities and accounts; (5) Barnes’ false and misleading statements about his investment strategy and availability of alternative strategies; (6) Barnes false and misleading Claimants about risk of continuing to “hold” an unsuitable, undiversified, and over-leveraged investment strategy in Claimants’ UBS managed accounts; (7) Barnes’ unsuitable “hold” recommendations in connection with the undiversified and over-leveraged securities accounts managed by Barnes on February 13, 2020 and thereafter; and (8) UBS’ and Barnes’ failure to refrain from self-dealing and conflicts of interest relating to the investment advice given regarding Claimants’ variable credit-lines and investment strategy recommendations.

Obviously, the arbitrators thought that UBS’s David Barnes engaged in misconduct because after considering the pleadings, the testimony and evidence presented at the hearing, and any post-hearing submissions, the Panel decided in full and final resolution of the issues submitted for determination as follows:

1. Respondent is liable for and shall pay to Claimant the sum of $380,158.00 in compensatory damages.
2. Respondent is liable for and shall pay to Claimant interest on the above-stated sum at the rate of 5% per annum from August 9, 2022, through and including the date this Award is paid in full.
3. Respondent is liable for and shall pay to Claimant the sum of $152,063.20 in attorneys’ fees pursuant to the Texas Civil Practice & Remedies Code.

If you had a similar experience with David Barnes then you may want to consider contacting our law firm about the viability of your claims and ability to recover your investment losses.

David Barnes Customer Complaint

David Barnes has been the subject of at least two customer complaints that were filed in FINRA arbitrations to recover investment losses. The allegations made in the FINRA reported customer complaints for investment losses were the financial advisor and portfolio manager made unsuitable investment recommendations, including credit lines and mismanagement of accounts in breach of his fiduciary duties. We are aware of several more unreported complaints. The first arbitration was settled for approximately $100,000 and the second resulted in an arbitration award of over $550,000 in favor of the investor.

David Barnes Red Flags & Your Rights As An Investor

Of course, David Barnes 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 are red flags which should put all current and former customers of David Barnes at UBS Financial Services and Credit Suisse Securities (USA) on alert to review carefully the activity and performance of their accounts and question whether David Barnes has engaged in any stockbroker misconduct that may have caused them investment losses. The large number of customer complaints at UBS Financial Services and Credit Suisse Securities (USA) 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.

File A Claim To Recover Your Investment Losses At UBS Financial Services Due To David Barnes

If you have questions about UBS Financial Services, Credit Suisse Securities (USA), and/or David Barnes 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.