Jon Barrack Fired by AllState Financial

Jon Barrack (CRD# 1393944[1]), formerly a broker registered with AllState Financial Services, completed a document without a customer’s knowledge, according to allegations by that firm. MDF Law is investigating the former Millington, Tennessee-based financial professional for similar conduct. If you have concerns about your portfolio, call us for a free consultation with an attorney.

More information about Mr. Barrack’s professional history can be found in this post. The information below is sourced from his BrokerCheck record, a Financial Industry Regulatory Authority profile reviewed on October 30, 2024.

AllState Alleges “Loss of Confidence”

On September 24, 2024, AllState Financial Services fired Mr. Barrack. According to a disclosure on his BrokerCheck profile, the firm terminated his registration after a “loss of confidence.” The loss of confidence stemmed from allegations that he obtained “only the signature page of a document” from a customer. As the disclosure explains further, he allegedly completed “the remainder of the document without the customer’s knowledge.” Finally, the firm alleged that he violated the firm’s policies “regarding off-channel electronic communications.”

2001 Dispute Settled by Firm

Mr. Barrack’s professional history also includes an investor dispute settled by his former member firm. In January 2001, an investor specifically lodged allegations that he purchased an investment in “PMCS” contrary to instructions to purchase “PCOM.” The dispute also alleged that the customer “should not have been charged margin interest.” His former member firm settled the dispute for $47,537.75.

AllState Financial’s Disciplinary History

AllState Financial Services, Mr. Barrack’s former member firm, has been involved in four regulatory events, according to its BrokerCheck profile[2]. In July 2023, for example, the Maine Office of Securities fined the firm $2,500 following allegations that it failed to conduct five onsite branch examinations in 2022. In 2016, FINRA sanctioned the firm following allegations, among others, that it failed to supervise communications and transactions. Among other things, this sanction alleged that the firm did not determine whether recommendations were suitable for certain customers. It also alleged that the firm paid commissions to unregistered persons. As a result, it censured AllState Financial and ordered it to pay a fine of $1,000,000.

FINRA: Broker Last Based in Millington, Tennessee

Mr. Barrack started his career as a broker when he joined Carty & Company in 1985. His career has included tenures at firms like UBS Financial Services, Oppenheimer & Company, and Silver Oak Investments. He registered with AllState’s Millington, Tennessee branch office in 2012, remaining there until September 2024. Since departing the firm, he has not been registered as a broker or an investment adviser. With 36 years of experience as a broker, he has completed four industry exams, including the Series 65 and the Series 7. 

Recovery Options for Jon Barrack Clients

Have you lost money on investments recommended by Jon Barrack? MDF Law[3] may be able to help you secure a recovery. Our lawyers have decades of experience recovering millions in investment losses for the victims of broker fraud, and they currently offer free consultations nationwide. Call 800-767-8040 to discuss your options today.