Former Union Capital Co. Financial Advisor, Richard Labare, Barred By FINRA
Richard Labare is a former Financial Advisor at Union Capital Co. in Rancho Mirage, California. Richard Labare entered the securities industry in 1980 and previously worked for Morgan Stanley & Co.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in March 2019, Richard Labare was sanctioned by FINRA, suspending him indefinitely from the securities industry, for failing to respond to FINRA’s request for information in conjunction with an investigation of Richard Labare. The investigation sought information regarding Richard Labare’s sales practices with his customers.
In addition, Richard Labare has been the subject of seven customer complaints during his career, including the following:
- August 2010—”CLAIMANTS ALLEGE THAT MR LABARE RECOMMENDED UNSUITABLE AND AGGRESSIVE SECURITIES DISREGARDING HIS LEGAL DUTIES AND RESPONSIBILITIES TO THE CLAIMANTS, AS WELL AS, LEVERAGING THEIR ACCOUNT ON MARGIN, EXPOSING THEM TO HIGHER RISK.” The matter was settled for $15,000.
- September 2002—Client alleged “unsuitable investment recommendations.” A panel awarded the customer damages of $160,000.
For a copy of Richard Labare’s CRD, click https://brokercheck.finra.org/individual/summary/717987#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 email@example.com.
- Investment Loss Recovery Options For Investors In The 1INMM Capital, LLC Ponzi Scheme Perpetrated By Actor Zachary Horwitz a/k/a Zachary Avery
- J.W. Cole Financial, Inc. Sanctioned by FINRA for Sales Practices Relating To Sales And Supervision Of LJM Preservation & Growth Fund
- Cambridge Investment Research, Inc., Sanctioned by FINRA for Sales Practices Relating To Sales And Supervision Of LJM Preservation & Growth Fund
- Former Torch Securities Broker Jeremy Johnson Barred By FINRA After Allegedly Making Misrepresentations To Customers
- Former Lincoln Douglas Investments Broker Herbert G. Frey Sanctioned By FINRA For Alleged Unauthorized Trading
- Two Customer Complaints Pending Against Ausdal Financial Partners, Inc. Investment Advisor and Broker Kurt Baldry
- Concorde Investment Services Broker, Mark Huber, Has Two Customer Complaints, Alleging Sales Practice Misconduct
- Unsuitability Allegations Pending Against Previously Registered Voya Financial Advisors, Inc. Financial Advisor and Broker David R. Wall
- Common Types of Alternative Investments
- Did You Purchase GPB Capital Holdings Private Placements Through McNally Financial Services Or Daniel Poland