Losses with KIMBERLY BARENTSEN of First Allied? – Walnut Creek, CA
Kimberly Barentsen, previously with First Allied Securities, Suspended by FINRA
Have you lost money with financial advisor Kimberly Barentsen? We are looking into allegations made about Kimberly Barentsen from Walnut Creek, California. FINRA (the Financial Industry Regulatory Authority) suspended Barentsen from the securities industry for two months and fined her $5,000. FINRA was investigating Barentsen after she was terminated by First Allied Securities for exceeding the scope of her disclosed outside business activities.
Barentsen was alleged to have charged asset management fees without disclosing such to First Allied Securities. Barentsen allegedly charged a 1.5% annual fee to manage sub-accounts of variable annuities. Variable annuities typically already have annual fees and expenses, so these management fees charged by Barentsen would have been in addition to that.
Kimberly Barentsen was a financial advisor and registered representative of First Allied Securities from 2011 to April 2019. She is now affiliated with NPB Financial Group and Barentsen Advisory Services. She worked in branch offices in Walnut Creek, California.
Brokerage firms like First Allied Securities have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; Seattle, Washington; Phoenix, Arizona; and Ann Arbor, Michigan. We represent investors in FINRA arbitration proceedings in all 50 states, including California. Our attorneys have represented over one thousand investors against many brokerage firms in the past.
IF YOU LOST MONEY WITH KIMBERLY BARENTSEN OR FIRST ALLIED SECURITIES, PLEASE CONTACT US AT 720-599-3505 FOR A FREE EVALUATION OF YOUR CASE.
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