July 2015
Legend Securities was ordered to pay over $61,000 to the estate of a former client by a Financial Industry Regulatory Authority (FINRA) arbitration panel. FINRA Case 14-1705. Estate of John Lidell v Legend Securities, Michael Mariani & Jason Harris Klabal.
The claimant alleged breach of fiduciary duty, churning, misrepresentation, omission of facts, negligence and failure to supervise.
Jason Harris Klabal-Other Customer Disputes
FINRA records report that Jason Harris Klabal, who is still registered with Legend Securities, is named in a currently pending arbitration (FINRA Case 15-484) by a customer who alleges the Klabal misappropriated funds, churned his account, breached his fiduciary duty and was negligent. The customer alleges damages of $134,500.
In addition to the Estate of Lidell arbitration cited above, Jason Klabal has been named in five other customer disputes that have been resolved, including:
- An 11/17/2015 settlement of $50,000 paid to a client who alleged losses on an equity transaction
- A 2/12/2015 settlement of $20,000 on a verbal complaint regarding misunderstanding related to a margin account.
- FINRA arbitration 13-3577 alleging churning, excessive commissions charged, unsuitable recommendations, negligence and failure to supervise. Settled for $6,599.
- FINRA arbitration 14-132 alleging churning, breach of fiduciary duty, misrepresentation of the facts of the securities bought and sold from the account, negligence and breach of contract. Settled for $85,000.
- FINRA arbitration 13-3347 , a Michigan resident who alleged churning, misrepresentation, breach of fiduciary duty, failure to supervise, negligence and breach of contract. Settled for $50,000.
If you have questions about the way your account has been handled by Legend Securities and/or Jason Klabal, call to discuss it with an experienced securities lawyer.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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