Update on the investigation: Ross Barish, Joseph Stone Capital
According to the SEC’s complaint, Barish allegedly defrauded sixteen retail customers by executing a high-cost, in-and-out pattern of trading that purportedly lost these customers over $800,000 while generating commissions and fees for him of more than $400,000. To learn more, see: Broker Ross Barish Reportedly Charged with Fraud
Barish allegedly told customers that he was an experienced broker, yet Barish “did nothing more than buy stocks and sell them after a brief holding period,” according to the complaint. The SEC found that his alleged “strategy” was merely a “scheme to enrich himself while persuading customers that profits were just around the corner.”
Between 2013 and July 2019, Barish allegedly violated the antifraud provisions of the federal securities laws in four respects, according to the regulator.
First, Barish has no reasonable basis for recommending to sixteen customers a high cost, in-and-out trading strategy without any reasonable basis to believe that these recommendations were suitable for anyone. Second, Barish’s alleged trading strategy was unsuitable for his customers in light of those customers’ financial needs, investment objectives and circumstances. Third, Barish made material misrepresentations to and omitted material information from his customers. The SEC alleged that Barish knew that the excessive costs which accumulated from the frequent trading “strategy” made even a minimal profit all but impossible.
Finally, Barish purportedly placed trades in customer accounts without their authorization. While Barish reportedly received more than $400,000 in commissions and fees, the sixteen customers experienced total losses of $814,509.
According to Barish’s broker report, he has been affiliated with Joseph Stone Capital since February 2013 in Mineola, NY. He reportedly worked at seven other New York firms during his twenty-three-year securities career.
Filing a Complaint against your Brokerage Firm
The White Law Group is investigating potential securities claims involving financial advisor Ross Barish and the liability his employers may have for failure to properly supervise him.
When brokers abuse client accounts or conduct transactions that violate securities laws, such as unauthorized trades or making unsuitable investments, the brokerage firm they are working with may be liable for investment losses. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
The brokerage firms can be held responsible for any losses in a FINRA arbitration claim if it is determined that they failed to properly supervise their agent.
If you are concerned about investments with Ross Barish, the securities attorneys of The White Law Group may be able to help you. For a free consultation with a securities attorney, please call 888-637-5510.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm with offices in Chicago, Illinois and Seattle, Washington.
For more information on The White Law Group, visit www.WhiteSecuritiesLaw.com.
Tags: Ross Barish Complaint, Ross Barish financial advisor, Ross Barish FINRA, Ross Barish Fraud Charges, Ross Barish investigation, Ross Barish Joseph Stone Capital, Ross Barish Mineola NY, Ross Barish recovery options, Ross Barish SEC charges, Ross Barish unauthorized trades Last modified: August 24, 2022