Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on January 13, 2017 indicate that Florida-based Merrill Lynch broker/adviser Shannon Barnwell is the subject of a pending customer dispute. Fitapelli Kurta is interested in hearing from investors who have complaints regarding Ms. Barnwell (CRD# 3108019).
Shannon Barnwell has spent seventeen years in the securities industry and has been registered with Merrill Lynch in Daytona Beach, Florida since 2005. Previous registrations include Wachovia Securities in St. Louis, Missouri (2003-2005) and Prudential Securities in New York, New York (1999-2003). She is a registered broker and investment adviser with 22 US states and territories.
According to her BrokerCheck report, Shannon Barnwell has received one pending customer complaint.
In 2016 a customer alleged Shannon Barnwell, while employed at Merrill Lynch, misrepresented and omitted material facts related to unsuitable investment recommendations. The customer is seeking $772,894 in damages in the pending complaint.
In 2012 the Financial Industry Regulatory Authority (FINRA) established Rule 2090, which is unofficially known as the “Know Your Customer” rule. Rule 2090 essentially mandates that every FINRA member firm “use reasonable diligence, in regard to the opening and maintenance of every account, to know (and retain) the essential facts concerning every customer and concerning the authority of each person acting on behalf of such customer.” This duty comes into effect at the beginning of every broker-customer relationship, even before the broker has made any investment recommendations, and remains in effect until the broker-customer relationship has been terminated. Rule 2090 requires broker-dealers and their representatives to retain “essential facts” concerning their customers. Brokers must weigh such factors as the customer’s investment goals, experience, age, income, risk tolerance, and others. They may not misrepresent or omit material facts pertaining to an investment, as misrepresentations or omissions might lead a customer to invest unsuitably. Brokers who violate Rule 2090 and/or recommend unsuitable investments may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
If you have complaints regarding Shannon Barnwell, call 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.