Neil Barney: AllState Advisor Receives $200K Complaint

Draper, Utah financial advisor Neil Barney (CRD# 4265082) allegedly omitted information regarding an investment, resulting in damages, according to a recent investor complaint. Financial Industry Regulatory Authority records show that he is registered as a broker with AllState Financial Services.

Mr. Barney’s BrokerCheck report discloses one investor complaint. Filed in June 2024, it alleges that as a representative of AllState Financial Services, he did not inform the customer of the Internal Revenue Code’s Net Unrealized Appreciation rule when recommending the partial transfer of company stock in her company’s profit sharing plan to a retirement account, causing her to miss out on tax advantages. The pending complaint alleges damages of $200,000.

AllState Financial Services’ website includes a profile of Mr. Barney in which he describes his approach to working with clients. “As a Personal Financial Representative in Draper, I know many local families,” he writes. “My knowledge and understanding of the people in this community help me provide customers with an outstanding level of service. I look forward to helping families like yours protect the things that are important –I can also help you prepare a strategy to achieve your financial goals.”

According to the Financial Industry Regulatory Authority, Neil Barney holds 23 years of securities industry experience. Based in Draper, Utah, he has been registered as a broker with AllState Financial Services since 2003. His past registrations include Commonwealth Financial Network (Waltham, Massachusetts; 2002-2003) and Signator Investors (Boston, Massachusetts; 2000-2002). His credentials include the passage of five securities industry qualifying exams: the Investment Company Products/Variable Contracts Representative Examination, or Series 6; the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE: the Uniform Securities Agent State Law Examination, or Series 63; and the Uniform Investment Adviser Law Examination, or Series 65. He is licensed in Alaska, Arizona, California, Colorado, Florida, Georgia, Idaho, Illinois, Missouri, Montana, Nevada, New Mexico, New York, Oregon, Tennessee, Texas, Utah, Virginia, Washington, and Wyoming. (Information current as of July 30, 2024.)

Carlson Law represents investors throughout the United States in claims against financial advisors and investment firms. If you or a loved one have suffered investment losses, please call us at 888-976-6111 or complete our contact form for a free and confidential consultation.