Former First Allied And LPL Broker, Jeffrey LaBelle, Has Five Disclosed Customer Complaints, Including Two Pending Complaints
Jeffrey LaBelle (CRD # 1547518) was a Financial Advisor at First Allied Securities and LPL Financial, LLC in Sarasota, FL. Jeffrey LaBelle has been in the securities industry since since 1987 and previously worked at Woodbury Financial Services and Next Financial Group.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Jeffrey LaBelle has five disclosed customer complaints, alleging sales practice misconduct, including two pending complaints. Among the customer complaints against Jeffrey LaBelle are the following:
- November 2019—”Claimant alleges her former rep recommended investments that were not suitable for her. Claimant generally alleges unsuitability, breach of fiduciary duty, negligence, breach of contract and failure to supervise.” Alleged damages are $49,000 and the matter remains pending.
- April 2019—”CLAIMANT ALLEGES HIS FORMER FINANCIAL ADVISOR RECOMMENDED INVESTMENTS THAT WERE NOT SUITABLE FOR HIM. CLAIMANT GENERALLY ALLEGES BREACH OF FIDUCIARY DUTY, BREACH OF CONTRACT AND NEGLIGENCE.” Alleged damages are $110,000 and the matter remains pending.
- February 2013—”CLIENTS ALLEGE REPRESENTATIVE MADE AN UNSUITABLE RECOMMENDATION TO LIQUIDATE A PORTION OF THEIR EXISTING HOLDINGS TO PURCHASE FIXED ANNUITIES AND A REIT IN 201.” The matter was settled.
- February 2010—”CUSTOMERS ALLEGE BREACH OF FIDUCIARY DUTY, NEGLIGENCE, UNSUITABLE SALES, BREACH OF CONTRACT, AND MISREPRESENTATION IN THE SALE OF PRIVATE REITS AND PRIVATE PREFERRED STOCK OF AN OIL AND GAS CORPORATION.” The matter was settled for $62,000.
In addition, in 2007, Jeffrey LaBelle was terminated for “failure to follow firm policies and procedures regarding advertising.” This related to seminar materials being used without first being approved.
For a copy of Jeffrey LaBelle’s CRD, click https://brokercheck.finra.org/individual/summary/1547518#disclosuresSection
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at 800.931.8452 or by email at firstname.lastname@example.org.
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