What Did Your Brokerage Firm or Investment Adviser Do Wrong With GWG
Published On: August 27, 2015

Stoltmann Law Offices is investigating Barry George Hartman, a former registered representative with FSC Securities. Hartman was terminated from FSC on March 5, 2015 for participating in an undisclosed outside business activity and an undisclosed private securities transaction. It is alleged that in 2004, Hartman made a telephone call to an insurance company regarding a variable annuity it had issued to that customer. Hartman told the insurance company that he was a branch manager, and he did this without the branch manager’s knowledge or authorization to do so. Hartman then entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), wherein FINRA imposed on him a 15-day suspension and a $2,000 fine.

Hartman also served on the board of directors of an unaffiliated privately-held company without providing written notice to his member firm. This was between 2004 and 2015. Hartman engaged in an undisclosed outside business activity and this is against FINRA rules and regulations. During the same time period, Hartman also participated in private securities transactions by personally investing $450,000 in the privately held company, and recommending that 13 of those customers invest in the company. He also did not provide written notice of his actions to his member firm. This is referred to as selling away, and is when a broker recommends a security that is not held by his member firm, for the sole purpose of garnering commissions for the broker. For this he was barred from the industry.

Hartman was registered with Prudential Insurance Company of America in Newark, New Jersey from June 1985 until December 1993, Pruco Securities Corp in Newark from June 1985 until November 2000, Raymond James Financial Services in St. Petersburg, Florida from October 2000 until February 2002, and FSC Securities in Missoula, Montana from February 2002 until March 2015. He has 10 customer disputes against him, eight of which are currently pending. He is not licensed within the industry and FIRNA permanently barred him from acting as a broker.

If you lost money with Barry George Hartman, you may be able to recover your investment losses by calling our securities law firm at 312-332-4200 and speaking with an attorney. We sue firms such as FSC Securities for not properly supervising their registered representatives, which can result in money losses for the investor. The call is free with no obligation.


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