Investor Alert! First Allied Clients Indicate Jeff LaBelle Sold Bad Investments
Soreide Law Group is investigating possible legal claims of sales practice violations by financial advisor Jeffrey G. LaBelle (CRD#: 1547518, Sarasota, Florida). Namely, nine investors brought complaints or FINRA Arbitration Claims about the securities broker, who worked for First Allied Securities from 2012 to 2018 and who worked for LPL Financial LLC from 2018 to 2019. LaBelle’s clients suggest that he sold unsuitable investments and had breached his fiduciary responsibility to them. Here’s more.
First Allied Client Indicates Jeff LaBelle Made Unsuitable Recommendations
Evidently, a client of First Allied disputed LaBelle’s actions in a complaint which First Allied received in July 2020. First of all, the client indicated that as financial advisor, Jeff LaBelle gave bad advice. It seems that LaBelle did not factor in the client’s suitability profile which includes things like risk tolerance and investment objectives. Secondly, the client suggested that there was insufficient due diligence by First Allied in regard to a real estate security sale. Thirdly, LaBelle seemingly failed to act in the client’s best interests, breaching a fiduciary duty. Finally, the client asserted causes of action including negligence and fraud. For this reason, the client demands $100,000.01 in this ongoing matter.
LaBelle Supposedly Breaches Fiduciary Duty To First Allied Client
Apparently, a First Allied client took aim at LaBelle via a FINRA Arbitration Claim dated April 2020. Notably, this client – like the first one mentioned – signaled that Jeff LaBelle breached a fiduciary duty. It is possible that LaBelle negligently placed his financial interests before the client’s wishes. Not only that, but LaBelle allegedly sold direct participation program (DPP) or limited partnership (LP) interests in breach of contract. For those reasons, the client demands $300,000 in compensation in this ongoing matter.
First Allied Client Signals Jeff LaBelle’s Possible Negligence In Alternative Investment Sales
Moreover, First Allied received a complaint from a client in March 2020 about Jeff LaBelle’s alternative investment sales. Namely, the client indicated that LaBelle’s alternative investment recommendations were unreasonable and inappropriate. Perhaps LaBelle failed to take into account the client’s liquidity needs and risk tolerance, among other things. Not only that, but it seems that LaBelle deceived the client and violated his fiduciary responsibility. Supposedly, First Allied failed to supervise LaBelle properly. Evidently, the client demanded payment of $100,000 to put this claim to rest. Currently, this matter awaits resolution.
LaBelle Purportedly Recommends Bad Investments Under Negligent Supervision
Also, BrokerCheck shows a FINRA Arbitration Claim from February 2020 on Jeff LaBelle’s record. First of all, the client sued over LaBelle’s breach of contract and breach of fiduciary. Notably, the client indicated that it was LaBelle who advised the client on bad investments and who First Allied negligently supervised. Because of this, the client wants $250,000 as compensation for losses.
Did You Experience Losses By Investing Through Jeff LaBelle?
Have you experienced losses because of financial advisor Jeff LaBelle? 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.