BARRY WILLIAM LEMAY

BARRY WILLIAM LEMAY is currently employed as a Broker and/or Investment Adviser at CONCORDE INVESTMENT SERVICES, LLC located at 2242 Camden Ave, Suite 102, San Jose, CA, 95124.

BARRY WILLIAM LEMAY has worked at CONCORDE INVESTMENT SERVICES, LLC since January 03, 2012

Disclosure History

BARRY WILLIAM LEMAY has 10 Disclosure Event(s).

Date: July 29, 2015
Category: Customer Dispute
Allegations: CLIENT IS ALLEGING NEGLIGENCE, BREACH OF FIDUCIARY DUTY AND SUITABILITY IN RELATION TO TIC INVESTMENTS MADE FROM 2003 TO 2008.
Damage Amount Requested: $2,822,797.02
Settlement Amount: $40,000.00
Broker Comment: THIS ARBITRATION CASE WAS JUST FILED AND INVOLVES A TENANT-IN-COMMON INVESTMENT PURCHASED THROUGH VSR FINANCIAL SERVICES. THE APARTMENT SUFFERED THROUGH THE DECLINE IN REAL ESTATE PRICES AND DECLINING VACANCIES AS TENANTS LEFT TO PURCHASE LOW COST HOMES. LUKE MCCARTHY AND EVERGREEN PROPERTIES WERE MANAGING THE PROPERTY AT THE TIME AND WERE UNABLE TO KEEP OCCUPANCY AT THE PREVIOUS HIGH LEVELS.

Date: March 05, 2015
Category: Customer Dispute
Allegations: CLIENT WOULD LIKE TO SELL THE $100,000 HE INVESTED IN RIDGEWOOD ENERGY. CLAIMS IT IS A NON-PERFORMING INVESTMENT.
Damage Amount Requested: $100,000.00
Broker Comment: Rep responded to client complaint at the time it occurred, and we do not believe any further action will be taken.

Date: February 17, 2015
Category: Customer Dispute
Allegations: ALLEGED UNSUITABILITY, BREACH OF FIDUCIARY DUTY, AND NEGLIGENCE RELATING TO INVESTMENTS DATED 12/2005 TO 4/2007.
Damage Amount Requested: $1,000,000.00
Settlement Amount: $255,000.00 15-00044

Date: July 03, 2014
Category: Customer Dispute
Allegations: CLIENT ALLEGES THAT RISK ASSOCIATED WITH INVESTMENT WASN'T DISCLOSED.
Damage Amount Requested: $40,000.00
Broker Comment: [CUSTOMER] INVESTED IN THE KBS REIT BEFORE THE DECLINE IN REAL ESTATE IN 2008. HE OWNED RENTAL PROPERTY FOR MANY YEARS AND IS VERY MUCH AWARE OF THE RISK INVOLVED IN THIS TYPE OF INVESTMENT. IN ADDITION, HE ACKNOWLEDGED THE RISK BY SIGNING AND INITIALING IN TWO PLACES. THE RISK IS DISCLOSED ON THE FRONT PAGE OF THE PROSPECTUS AND ON A SEPARATE FORM BY MY BROKER/DEALER. 5/26/16: Rep responded to client complaint at the time it occurred, and we do not believe any further action will be taken.

Date: August 14, 2012
Category: Customer Dispute
Allegations: CUSTOMER EXPRESSED CONCERN REGARDING REDUCTION OF DIVIDEND PAYMENTS FOR REIT'S PURCHASED IN DECEMBER OF 2007 AND APRIL OF 2009.
Broker Comment: MR. LEMAY MET WITH [CUSTOMER] ON AUGUST 22, 2012 TO REVIEW AND ADDRESS HIS CONCERNS. THE DOWNTURN IN THE ECONOMY IS THE PRIMARY REASON FOR THE DECLINE IN VALUE OF HIS INVESTMENTS. CLIENT UNDERSTOOD AND IS BELIEVED TO BE SATISFIED AT THIS TIME.

Date: June 26, 2012
Category: Customer Dispute
Allegations: WRITTEN COMPLAINT ALLEGES MISREPRESENATION AND UNSUITABLE INVESTMENTS. ACTIVITES DATED 9/30/2002-12/15/2006.
Broker Comment: [CUSTOMER] HAS BEEN A CLIENT OF AMBAR FINANCIAL GROUP SINCE 2002. HE DOES NOT KEEP GOOD RECORDS AND HAS FORGOTTEN A GOOD PART OF THE INVESTMENTS HE MADE THROUGH OUR FIRM AS WELL AS INCOME AND PROFITS RECEIVED DURING THE HOLDING PERIOD. I ARRANGED TO HAVE A BOOKKEEPER HELP HIM IN 2008 TO TRACK HIS PERSONAL BILLS AND INCOME. WE HAVE CONDUCTED SEVERAL REVIEWS TO SHOW HIS HOLDINGS AND PERFORMANCE. THE LATEST REVIEW SHOWS THAT HIS ACCOUNT VALUE INCLUDING DISTRIBUTIONS IS GREATER THAN HIS STARTING AMOUNT.

Date: June 26, 2012
Category: Customer Dispute
Allegations: WRITTEN COMPLAINT ALLEGES UNSUITABLE INVESTMENTS AND MISREPRESENTATION. ACTIVITIES DATED DECEMBER 2002 THROUGH NOVEMBER 2006.
Damage Amount Requested: $100,000.00

Date: December 06, 2010
Category: Customer Dispute
Allegations: CLIENT ALLEGES THAT STOCK SALES REPRESENTATIVE PLACED IN HER ACCOUNT ON 11/1/10 WERE UNAUTHORIZED.
Damage Amount Requested: $10,977.55
Settlement Amount: $10,977.55
Broker Comment: TECHNICALLY, THE ORDER WAS UNAUTHORIZED BY FINRA STANDARDS. AN ORDER TO BUY WAS PLACED IN MARCH/2010 AND IT LOST MONEY DURING THE ENSUING MONTHS. THE CLIENT TOLD ME ON 2-3 OCCASIONS THAT SHE WANTED TO LIQUIDATE WHEN HER ACCOUNT EXCEEDED HER ORIGINAL AMOUNT. ON NOVEMBER 1, I MOVED ALL CLIENTS OUT OF THEIR POSITIONS INCLUDING REFERENCED CLIENT. SHE HAD A GAIN OF 12% AND SINCE I HAD PRIOR VERBAL AUTHORIZATION FROM HER, I MOVED HER ACCOUNT TO CASH. UNDER CURRENT RULES, PRIOR AUTHORIZATION IS NOT VALID. ORDER MUST BE RECEIVED ON THE SAME DAY. IN HINDSIGHT, THE CLIENT REALIZED SHE WOULD HAVE ADDITIONAL GAIN IF THE POSITIONS REMAINED AS THEY WERE ON NOVEMBER 1ST, SO SHE CONSULTED WITH ANOTHER BROKER AND MADE THE ABOVE CLAIM.

Date: July 21, 2010
Category: Customer Dispute
Allegations: CLIENTS ALLEGE BREACH OF FIDUCIARY DUTY, NEGLIGENCE AND MISREPRESENTATION. ACTIVITIES DATED 2/2006-12/9/2009.
Damage Amount Requested: $737,200.00
Settlement Amount: $299,000.00 10-03130

Date: May 29, 2009
Category: Customer Dispute
Allegations: CLAIMANTS ALLEGES BREACH OF FIDUCIARY DUTY, FRAUD, VIOLATION OF CALIFORNIA CORPORATE SECURITIES LAW OF 1968, AND NEGLIGENCE IN CONNECTION WITH THE PURCHASE OF A PRIVATE PLACEMENT IN MAY OF 2007.
Damage Amount Requested: $350,000.00
Settlement Amount: $150,000.00
Broker Comment: ON OR ABOUT MAY 21, 2007 CLAIMANT PURCHASED A TENANT IN COMMON INTEREST IN PARK PLAZA RETAIL CENTER. CLAIMANTS WERE MADE AWARE OF AND SIGNED A CLIENT DISCLOSURE STATEMENT ATTESTING TO THE FACT THAT THEY UNDERSTOOD THAT THE INVESTMENT WAS NOT GUARANTEED AND HAD SIGNIFICANT RISKS. ON OR AROUND OCTOBER 27, 2008, DBSI, THE PARENT COMPANY TO PARK PLAZA RETAIL CENTER FILED FOR CHAPTER 11 BANKRUPTCY. DRP UPDATED FOR SETTLEMENT.

More Information

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A disclosure includes information about customer disputes, disciplinary events and financial matters on the broker's record as reported by securities regulators, the individual broker, and any involved firms. Some of these items may involve pending actions or allegations that have not been resolved or proven. The presence of a disclosure does not automatically indicate any wrongdoing.

BrokerCheck is the source of the data included in this Report. The data was compiled on June 29, 2018.

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