Stoltmann Law Offices is investigating Michael Barranco, a registered representative with LPL Financial. Barranco was accused of participating in almost 40 private transactions with three different issuers. In 2010, Barranco allegedly acted as a consultant and provided business planning advice to an entity (TMG) founded by two of its customers. He also allegedly participated in the solicitation of investments by firm customers and others in 13% Senior Notes issued by TMG. The Financial Industry Regulatory Authority (FINRA) found that between November 2010 and February 2011, Barranco participated in 35 transactions through which 27 individuals invested at least $2,087,000 in the TMG notes. Also, in 2014, FINRA found that the founders of TMG purchased a distressed real estate development (IBH) and issued 12% Senior Notes which Barranco recommended to two of his customers who invested $750,000. This is also sometimes referred to as “selling away,” and is when a broker sells a security that is not offered by his member firm. It is used so that the broker does not have to share his commissions from the sale with his firm. It is against securities rules and regulations. According to his online, FINRA BrokerCheck report, Barranco is registered with LPL Financial in San Diego, California and has been since June 2015. Please call us today for your free consultation if you suffered investment losses with Michael Barranco. We may be able to help you bring a claim against LPL to recover your losses on a contingency fee basis.
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