On July 25th., 2014, the Financial Industry Regulatory Authority (FINRA) charged five brokers formerly with New York based, Newport Coast Securities Inc.
According to FINRA's charges, allegedly the brokers, Andre LaBarbera, David Levy, Antonio Costanzo, Douglas Leone, and Donald Bartelt churned 24 customers accounts from September, 2008 through May, 2013. Allegedly the five brokers used margin and risky securities which made them huge commission, but was devasting to the clients' accounts. Allegedly the brokers made new account forms for the clients which gave a false net worth, investment objectives and the client's investing experience. The losses were estimated over $1 million according to FINRA. Two former supervisors at Newport Coast, Marc Arena and Roman Luckey, were also charged.
FINRA stated that David Levy of West Palm Beach, Florida, and Antonio Costanzo of Chesapeake, Virginia, allegedly interfered with FINRA's attempts to conduct their investigation by suggesting clients not cooperate with FINRA's investigation. Levy, LaBarbera and Costanzo, are now employed by Titus Rockefeller LLC. Donald Bartelt, is based in Cave Creek, Arizona, and is with Newport Coast. Douglas Leone is now with Salomon Whitney LLC or Farmingdale, New York.
If you feel your account has been churned by your broker call Soreide Law Group for a free consultation at (888) 760-6552. We represent our customers nationwide before FINRA.
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