Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on July 11, 2016 indicate that Iowa-based FSC Securities Corporation broker/adviser Paul Barr has been the subject of resolved or pending customer complaints. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Barr (CRD# 1748415).
Paul Barr has spent 22 years in the securities industry and has been registered with FSC Securities in Marshalltown, Iowa since 1999. Previous registrations include Brenton Investments in Plymouth, Minnesota (1994-1999) and VSR Financial Service in Overland Park, Kansas (1993-1994). He is a registered broker and investment adviser in 35 US states and territories.
According to his BrokerCheck report, Paul Barr has received two customer complaints and one pending customer complaint.
In October 2015, a customer alleged Paul Barr, while employed at FSC Securities, recommended an unsuitable variable universal life insurance policy. The customer is seeking $733,000 in damages in the pending complaint.
In 2002, a customer alleged Paul Barr, while employed at FSC Securities, breached his fiduciary duty, acted negligently, and misrepresented material facts related to an unsuitable variable annuity investment. The complaint resulted in an award to the customer of $80,447.
In 2001, a customer alleged Paul Barr, while employed at FSC Securities, breached his fiduciary duty, acted negligently, and misrepresented material facts related to an unsuitable investment recommendation. The complaint resulted in an award to the customer of $26,800, to which Mr. Barr individually contributed $26,800.
Variable annuities are similar to mutual funds, though they have three primary additionally features which mutual funds do not: a tax-deferred treatment of earnings, a death benefit, and payout options that can provide guaranteed income for the rest of the investor’s life. One of the common complaints regarding variable annuity investments is that a broker or investment adviser failed to inform an investor about the various sales charges and fees associated with variable annuities. In particular, many aggrieved investors file complaints with investors who, they allege, failed to educate them about a variable annuity’s surrender charge. A surrender charge is a sales fee incurred when investors withdraw money from the variable annuity within a certain period of time after the purchase—typically within six to eight years, though the specific number depends on the product. Surrender charges are typically used to pay a commission to your broker or investment adviser, and are typically a percentage of the amount withdrawn. Investors who fail to properly educate their customers about a product’s surrender charge may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
If you have complaints regarding Paul Barr, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recoup your losses. All cases are taken on contingency: we only receive payment if and when you recover money. You may have a limited window to file your complaint, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.