Soreide Law Group is reviewing possible investor claims against securities broker Jason C. LaBelle (CRD#: 5654529, Pittsfield, Massachusetts). Namely, FINRA issued a suspension and a fine to the former LPL Financial securities broker for his outside business activities. Not only that, but at least four clients filed disputes challenging his sales practices. Let’s take a look at some of these disclosures:
FINRA Issues Suspension, Fine To Jason LaBelle For Outside Business Activities
On January 14, 2020, FINRA executed a Letter of Acceptance, Waiver and Consent (the “AWC”), issuing LaBelle a three-months suspension and $5,000 fine for violating FINRA rules by failing to disclose outside business activities. It seems as though LaBelle performed work for a real estate development project which was outside the scope of his relationship with LPL Financial. Supposedly, an LPL Financial client had some involvement in this activity as lender to a corporation in which LaBelle worked. FINRA says that LaBelle did not tell LPL Financial that he was going to be an independent contractor for the corporation. The securities broker also submitted false confirmations about the project in LPL Financial’s compliance questionnaires.
LPL Financial Client Indicates LaBelle Misrepresented Promissory Notes
It appears that in June 2017, an LPL Financial client filed a lawsuit about Jason LaBelle. Primarily, the client alleged that LaBelle misrepresented information about a promissory note that he sold in February 2016. Not only that, but the client suggested that LaBelle did not have the client’s authorization to withdrawal money from a tax-deferred account to buy the promissory notes for the client. For this reason, the client seeks compensatory relief in this ongoing matter.
Edward Jones Clients File Disputes About LaBelle
BrokerCheck shows that Edward Jones clients complained about Jason LaBelle from 2012 to 2014. Apparently, in one dispute, LaBelle supposedly caused the client to incur an unnecessary tax bill for misplacing retirement account proceeds. Also, an Edward Jones client indicated that LaBelle invested the client’s assets in bonds against the client’s wishes. And a third Edward Jones client indicated that LaBelle made unauthorized trades and had overcharged the client on securities transaction. However, these clients’ investment disputes were denied.
Losses From Securities Broker Jason LaBelle?
Have you experienced losses by investing through broker Jason LaBelle? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have incurred losses due to misconduct of securities brokers like LaBelle and brokerage firms.