Barish Earned Over $400K in Commissions from Excessive Trading Strategy
The US Securities and Exchange Commission (SEC) has filed civil charges against Ross Adam Barish, a Joseph Stone Capital registered representative. The regulator contends that Barish engaged in an unsuitable in-and-out trading strategy in customers’ accounts without doing the necessary due diligence to make sure that this approach could at least deliver them minimal profits.
Instead, 16 retail investors collectively lost more than $800K while the Joseph Stone Capital broker earned more than $400K in commissions. Now, the SEC is seeking penalties, disgorgement with prejudgment interest, and injunctive relief.
If you are one of the investors who suffered losses due to Ross Barish’s in-and-out trading strategy, contact our broker fraud attorneys at Shepherd Smith Edwards and Kantas today. Even when the SEC or FINRA files charges against a stockbroker over claims related to losses you suffered, it is still in your best interest to hire your own legal representation to maximize your chances of a full financial recovery.
Breach of Duty & Unauthorized Trading Among Alleged Securities Fraud Accusations Against The Joseph Stone Capital Broker
According to the SEC’s complaint, Barish, who claims to be an experienced registered representative, employed a “costly, in-and-out pattern of trading” that led to these investors’ losses. The regulator contends that this “strategy” merely involved purchasing stocks, holding them for a short while, and then selling them and that this was really a ploy to make Barish money.
The alleged acts of stock broker fraud occurred between 2013 and 2019 and appear to have impacted Joseph Stone customers who had accounts that were active at different times. Now, the SEC is contending:
- Unsuitable investment recommendations
- Breach of obligation
- Material misrepresentations and omissions
- Unauthorized trading
Former Customer Disputes Against The Joseph Stone Capital Broker
According to his BrokerCheck Record, Barish has worked 21 years in the industry. Other broker-dealers where he was a registered representative include First Midwest Securities, JP Turner & Co., Ladenburg Thalman & Co., Broadwall Capital, Ladenburg Capital Management, and Sands Brothers.
Barish was named in four previous customer disputes, two of which were settled and the other two denied. Allegations from those include churning, unsuitable transactions, unauthorized trading, and margin issues.
In 2016, the Montana Commissioner of Securities and Insurance accused Barish and two other Joseph Stone financial advisors of churning in four customer accounts. The broker-dealer was accused of inadequately supervising them.
Contact SSEK Law Firm for your free case consultation to explore your legal options if you suffered investment losses after working with a Joseph Stone Capital broker.