RBC Terminated Financial Advisor, Barry Hartwyk, For Allegedly Taking Time And Price Discretion And Front Running
The Wolper Law Firm is currently investigating claims against Barry Hartwyk, a former Financial Adviser at RBC Capital Markets in Long Beach, California. Barry Hartwyk has been in the securities industry since the 1980s and previously worked for Credit Suisse.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on November 6, 2018, RBC terminated Barry Hartwyk for
“Violation of Firm policy related to time and price discretion, front running, and order execution.”
Front running is a prohibited industry practice in which brokers act on information they receive from analysis before their clients have access to the information. Front running is prohibited because it causes the interest of customers to be placed behind the interest of the brokers. If there is negative news, brokers can exit their positions at a higher price than a customer, which violates their fiduciary duty.
For a full copy of Barry Hartwyk’s FINRA disclosure report, click https://brokercheck.finra.org/individual/summary/1527583#disclosuresSection
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
The Wolper Law Firm is interested in speaking with clients of Barry Hartwyk as part of its investigation. We can be reached at 800.931.8452 or by email at firstname.lastname@example.org. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.