Robert Kerrigan and USA Barcelona Realty Advisors LLC

Have you lost money with financial advisor Robert Kerrigan, Sr. from Scottsdale, Arizona?  We are investigating allegations made by the Securities Division of the Arizona Corporation Commission against Robert Kerrigan, who previously worked as a financial advisor with Personal Wealth Management Group in Scottsdale.  The Arizona Securities Division alleged that Robert Kerrigan solicited investors to invest in a company called USA Barcelona Realty Advisors LLC, a company in which Kerrigan was alleged to have been an executive.

The Arizona Securities Division alleged that beginning in 2013, Robert Kerrigan solicited investors at his securities broker-dealer, First Financial Equity Corp., to invest in promissory notes of USA Barcelona Realty Advisors.  It was purported to be a REIT (or real estate investment trust), offering 12% annual interest, with a maturity date of December 31, 2014.  Investors put in $720,000, but they have only received $90,521 back, with no return of principal (despite the December 2014 maturity).

The Arizona Securities Division alleged that Kerrigan and others misrepresented the risks of the USA Barcelona Realty Advisors promissory notes.  They omitted to inform investors that the president of USA Barcelona had another failed real estate venture, and that three other companies that he ran filed for bankruptcy.  It is believed that investors have lost their principal investments in USA Barcelona Realty Advisors.  The Arizona Securities Division seeks to fine Robert Kerrigan and revoke his securities license.

In a recent action by FINRA (the Financial Industry Regulatory Authority), Kerrigan was barred from the securities industry for failing to respond to FINRA’s investigation into Kerrigan’s conduct with USA Barcelona.

Robert J. Kerrigan, Sr. was a financial advisor and registered representative of First Financial Equity Corp. from October 2008 to August 2015.  He also was the president of Personal Wealth Management Group, located in Scottsdale, Arizona.  Kerrigan has been the subject of at least four customer complaints, a July 2014 tax lien, and a 2010 judgment against him for $76,000.

Brokerage firms like First Financial Equity Corp. have a responsibility to adequately supervise all representatives who are registered through their firm.  Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies.  When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.

Israels & Neuman PLC is a securities and investment fraud law firm that represents investors in FINRA arbitration proceedings in all 50 states, including numerous investors in the Phoenix area.  Our attorneys have represented over one thousand investors against many brokerage firms in the past, including LPL Financial, Merrill Lynch, Morgan Stanley, Smith Barney, Stifel Nicolaus & Company, UBS Financial Services, Oppenheimer, Charles Schwab, Wells Fargo Advisors, Ameriprise Financial Services, Raymond James Financial Services, ProEquities, Securities America, National Securities Corp., and many others.

Click to view:  Kerrigan FINRA AWC

HAVE YOU LOST MONEY WITH ROBERT KERRIGAN OR USA BARCELONA REALTY ADVISORS?   

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