Andre LaBarbera Accused Of Churning, Unsuitable Trades

Barred Broker Andre LaBarbera Accused Of Unsuitability, Churning

The Financial Industry Regulatory Authority (“FINRA”) BrokerCheck contains alarming information in regard to securities broker Andre Vincent LaBarbera (CRD#: 2072370, Dix Hills, New York). Specifically, the securities broker, who worked for securities firms including Newport Coast Securities, IFS Securities and Titus Rockefeller, is involved in at least six investor disputes alleging sales practice violations. Not only that, but FINRA expelled LaBarbera from being a securities broker with FINRA firms. Moreover, Florida Office of Financial Regulation barred him and ordered him to cease and desist violating the law. Here’s more.

Titus Rockefeller Client Indicates Andre LaBarbera Sold Unsuitable Investments

First of all, a client of Titus Rockefeller (TR Capital Group LLC) took aim at Andre LaBarbera through a February 2020 lawsuit. It seems that the client may have invested in unsuitable investments because of LaBarbera. These investments reportedly include stocks and other equities. Allegedly, the securities broker oversaturated the client’s account in the investments which might have caused losses. Moreover, the client alleges churning which means that the broker may have excessively traded to make commissions from the client. Finally, LaBarbera purportedly breached a fiduciary duty. For this reason, the client demanded $23,793 to resolve this matter.

TR Capital Group Client Suggests That LaBarbera Made Unauthorized Trades, Churned Account

Also in February 2020, a TR Capital Group client disputed Andre LaBarbera’s sales practices. Evidently, in this FINRA Arbitration Claim, the client alleges that LaBarbera may have made unauthorized trades. Not only that, but it appears that the securities broker excessively traded. Further, the client allegedly incurred losses after being deceived. Because of this, the client asked for $1,554,000. This matter is awaiting a resolution as of March 12, 2021.

Florida Office Of Financial Regulation Bars (Expels) LaBarbera As A Securities Broker

It also appears that in April 2019, Florida Office of Financial Regulation – who regulates all securities brokers who do business in the state – pursued an enforcement action against Andre LaBarbera resulting in its decision to bar him. Evidently, the securities broker faced accusations of unsuitable trading and churning. Those are the same allegations that clients made in 2020. Also, Florida Office of Financial Regulation said that LaBarbera allegedly traded client accounts without margin agreements and that he engaged in illegitimate transactions. Notably, in addition to the bar, the Office told him to cease and desist violating Florida securities laws.

FINRA Bars Andre LaBarbera As Securities Broker

In addition to fining Andre LaBarbera $125,000, FINRA barred him as a securities broker after finding that he made unsuitable trades. Supposedly, LaBarbera made trades that were not consistent with his clients’ needs and investment goals. In addition, FINRA says that LaBarbera made excessive trades and even churned investor accounts. Because of LaBarbera’s trading, it was nearly impossible for investors to generate a profit. As it turns out, clients lost a lot. The financial industry watchdog says that he violated FINRA rules and securities laws including Securities Exchange Act.

Did You Sustain Losses By Investing Through Titus Rockefeller Securities Broker Andre LaBarbera?

Have you suffered losses because of Andre LaBarbera? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced lawyers about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have suffered losses due to the misconduct of financial advisors and securities brokers. FINRA BrokerCheck indicates that LaBarbera denies all allegations of his sales practice violations.