Broker Kevin Barbalace Sanctioned by FINRA

Kevin BarbalacePublic records published by the Financial Industry Regulatory Authority (FINRA) on February 7, 2017 indicate that former New Jersey-based Corinthian Partners broker Kevin Barbalace has been sanctioned by FINRA and is currently not affiliated with any broker-dealer firm. Fitapelli Kurta is investigating allegations against Mr. Barbalace (CRD# 4456476).

Kevin Barbalace has spent fourteen years in the securities industry and was most recently registered with Corinthian Partners in Middletown, New Jersey (2015-2016). Previous registrations include Dawson James Securities in Columbia, Maryland; SII Investments in Baltimore, Maryland; LPL Financial in Nottingham, Maryland; Lincoln Financial Advisors in Fort Wayne, Indiana; the Lincoln National Life Insurance Company in Fort Wayne, Indiana; American Express Financial Advisors in Minneapolis, Minnesota; and IDS Life Insurance Company in Minneapolis, Minnesota. He is a registered broker in Maryland and New Jersey.

According to his BrokerCheck report, Kevin Barbalace has received two regulatory sanctions and two pending customer complaints.

In December 2016 a customer alleged Kevin Barbalace, while employed at Dawson James Securities, failed to follow instructions. The customer is seeking $12,500 in damages in the pending complaint.

In November 2016 FINRA sanctioned him following allegations he “made unsuitable investments recommendations to a customer and exposed the customer to a risk of loss that was inconsistent with the customer’s financial needs and situation.” FINRA’s findings specifically stated that Mr. Barbalace “recommended and made trades in the customer’s IRA account and trades in the customer’s regular account,” resulting in an over-concentration of low-priced stocks. The findings continued: “When the customer transferred the accounts from Barbalace’s member firm, the customer incurred more than $7,000 in net losses. The findings also stated that Barbalace accepted a check from that customer for an undisclosed outside business activity. Barbalace charged the customer $750 to complete online paperwork for the customer to open a limited liability company and to retain Barbalace for as-needed business consultation. This activity was outside the scope of Barbalace’s relationship with his firm.” He also allegedly failed to disclose this activity to his firm. He was issued a 3-month suspension and a fine of $5,000.

In 2015 the Maryland Division of Securities sanctioned him in connection to alleged violations of the Maryland Securities Act. He was issued a fine of $7,661.

In 2015 a customer alleged Kevin Barbalace, while employed at Dawson James Securities, made unsuitable recommendations. The customer is seeking $5,500 in damages in the pending complaint.

If you have lost money investing with Kevin Barbalace, you may be entitled to recoup your losses. Call Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on a contingency basis, which means we only get paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.

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