July 2016-Dix Hills, NY
The FINRA records of Andre V. Labarbera , a stock broker currently employed by Titus Rockefeller , disclose a pending regulatory event and 5 prior customer disputes and a currently pending customer dispute.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
Labarbera’s FINRA disclosure reports that he is named in a FINRA complaint alleging that he, with his then member firm Newport Coast Securities and other firm representatives excessively traded and churned customer accounts. FINRA alleges that Labarbera engaged in a deceptive and manipulative scheme by churning the accounts of customers and acted with the intent to defraud customer’s interests by seeking to maximize his own remuneration. Labarbera mischaracterized solicited trades as ‘unsolicited’ causing the firm’s books and records to be inaccurate. FINRA Case# 2012030564701.
Four of the prior customer disputes were settled with payments of monetary compensation, including FINRA Case 09-03453 in which a customer of Grant Bettingen alleged damages of $335,000 for misrepresentations. The case was settled for $160,000.
In currently pending FINRA Case 13-03266 a Newport Coast Securities customer alleges damages of $62,264 for breach of contract , breach of fiduciary duty , misrepresentation and unsuitability.
Labarbera has been employed by TItus Rockefeller since 1/2013, with IFS Securities from 7/2012-12/2012 and with Newport Coast Securities from 7/2008-8/2012.
Investors who suffered losses in an account handled by Andre V. Labarbera, may be entitled to recover damages through FINRA arbitration.
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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