Peter Barry: $1.4mm Complaint Against Raymond James Advisor

Los Angeles financial advisor Peter Barry (CRD# 2235548) recently received an investor complaint alleging that his advice resulted in damages of more than $1 million. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with Raymond James & Associates.

Mr. Barry’s BrokerCheck report discloses one investor complaint. Filed in September 2024, it alleges that as a representative of Raymond James & Associates, he recommended unsuitable and high risk investments in products that included alternative investments, micro-cap and small-cap securities, real estate investment trusts, bonds, and fixed income securities. The complaint also alleges that he improperly concentrated the customers in certain investments, poorly managed cast, charged excessive fees and commissions, and “improperly recommended a securities-backed line of credit.” The pending complaint alleges damages of $1,428,201.

Raymond James & Associates’ website includes a page explaining the background of the Alex. Brown, a group within the firm of which Mr. Barry is a member. “Alex. Brown – Raymond James embodies a signature approach to wealth management, leveraging our extensive experience, expertise and resources to steadfastly focus on each individual, family and institution we serve,” it explains. “Our legacy empowers us to provide a higher degree of investment insight and premier strategies as we address our clients’ diverse needs… Espousing the highest standards for investment offerings, we take a consultative, thoughtful approach to creating a client experience far beyond the ordinary.”

According to the Financial Industry Regulatory Authority, Peter Barry holds 25 years of securities industry experience. Based in Los Angeles, California, he has been registered as a broker and an investment advisor with Raymond James & Associates since 2018. His past registrations include Wells Fargo Securities, Morgan Stanley & Company, Banc of America Securities, and Herzog Heine Geduld. His credentials include the passage of eight securities industry qualifying exams: the General Securities Principal Examination, or Series 24; the General Securities Representative Examination, or Series 7; the Limited Representative-Equity Trader Exam, or Series 55; the National Commodity Futures Examination, or Series 3; the Securities Industry Essentials Examination, or SIE; the Securities Trader Exam, or Series 63; the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He holds 15 state licenses. (Information current as of October 19, 2024.)

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