Michael Barranco, a former registered broker with LPL Financial, was accused of soliciting clients to invest in private securities transactions. He was terminated from LPL for the same thing on December 17, 2015. According to his recent Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA), Barranco was involved in almost 40 private securities transactions with three different issuers without providing proper notice to his firm between 2010 and 2015. Between November 2010 and February 2011, Barranco participated in 35 transactions through which 27 individuals, most of whom were firm customers, invested at least $2,087,000 in TMG notes. Many of them held their notes in LPL accounts. For this Barranco was suspended for two years and fined $20,000. His actions were against securities rules and regulations.
Barranco was registered with Raymond James Financial in Montgomery, Alabama from November 2004 until April 2007 and LPL Financial in Montgomery from April 2007 until December 2015. He is not currently registered with any firm and not licensed within the industry. Please call our law firm today if you invested money with Michael Barranco. We may be able to bring a claim against LPL Financial for failing to reasonably supervise its representatives. They may be liable for investment losses. We sue firms in the FINRA arbitration forum on a contingency fee basis for investors.
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