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.
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